Site: MySpace.com Business model: Advertising
MySpace, while currently on the auction block, still remains the second most popular Social Media destination on the Web. What was once a thriving community now has given itself over to the promotion and sourcing of music artists, thus making it a premiere entertainment venue. In 2006, it held the number one position for Social Media’s journey’s end, and was dethroned two years later by Facebook in 2008. It’s first incarnation was ready for launch in 2003 after only 10 days by employees of eUniverse (now renamed Intermix Media) who had Friendster accounts, wanting to emulate the success of it’s inspiration.
New features added in the first quarter of 2010 included a recommendation engine which suggests games, music, and videos for new users based on their previous search queries. Later that year, Facebook Connect, an API (Application Programming Interface) which allows for login with a third party Website, was included. This was viewed widely as Myspace’s raising of the white flag, surrendering to the e-networking giant.
Myspace is second only to Yahoo! in user data mining, which it uses to customize advertising in a more personalized fashion. This procedure is called behavior targeting. User generated content (UGC) is tempered with marketing efforts from firms whose intellectual properties would otherwise suffer violation of copyright mandates.
MySpace has become a haven for musical artists and fans alike, due greatly to little known and undiscovered talent being able to promote their work via MySpace Music. Millions of songs are added to playlists, which can be infinite, on a daily basis. Artists are provided with a different profile interface, and can upload their entire discographies in MP3 format.
Without question, users of MySpace are hoping for continued availability of a Social Media entertainment site that has until recently stood the test of time.