People
surf the web...and people are fickle. Welcome to the world of Internet
social networking. In recent days, the once popular MySpace has been
forced to make major changes in the face of their fading popularity.
With Facebook and Twitter taking center stage, the once powerful and
popular MySpace is being forced to "clear" space.
Membership and time spent on the site has been in a steady decline since the turn of the year. In 2005, MySpace was purchased by media genius Rupert Murdoch's NewsCorp. At the time of purchase MySpace was the leading social network on the Internet. However, like any current trend, days pass and people change.
Rise and Fall of MySpace
Social networking site, MySpace, will have to cut jobs in order to survive an unpleasant trend. The site plans to cut an estimated 30% of its workforce in the face of a rapid decline in popularity. MySpace will now have roughly 1,000 employees. The social network has not been able to keep pace with the wildfire known as Twitter and Facebook.Membership and time spent on the site has been in a steady decline since the turn of the year. In 2005, MySpace was purchased by media genius Rupert Murdoch's NewsCorp. At the time of purchase MySpace was the leading social network on the Internet. However, like any current trend, days pass and people change.
According
to a recent study, an estimated 73% spent time on MySpace in April of
2008. However, one year removed, only 23% spent their time on the social
networking site. During this decline competitor, Facebook, was hitting a
mark of 66%.
MySpace now has a younger demographic and leads all social networking outlets in respect to media entertainment. The current status suggests people frequent MySpace for their media needs…but not to socialize.
Also, the more "adult" crowd that Facebook has obtained has more buying power than the MySpace demographic so advertisers are more likely to cater to the Facebook social outlet. It is estimated that the popularity of social networks seems to be less than two years. So what's "hot" today could be a distant memory in 24 months.
This means even the popular Facebook and Twitter will one day face the same music as the declining MySpace. "Technology will evolve to the point where it leaves MySpace, Facebook or Twitter behind," said Jon Gibs, vice president of media analytics for Nielsen Online. So…make your final "tweet" and compose one last wall post...because the clock is ticking.
Facebook is King
When one man falls, another man rises. In the case of social networking, the fall of MySpace meant the crowning of Facebook. The social network is now the leader of the pack. Researches say Facebook caters to a wide range of people and offers more diversity and ways to interact.MySpace now has a younger demographic and leads all social networking outlets in respect to media entertainment. The current status suggests people frequent MySpace for their media needs…but not to socialize.
Can MySpace Recover
The history of Internet social networking has one constant pattern; once you fall...you stay down. History shows that no site has been able to fully recover from a substantial dip in popularity. Once a person leaves for a new network(s), they rarely come back.Also, the more "adult" crowd that Facebook has obtained has more buying power than the MySpace demographic so advertisers are more likely to cater to the Facebook social outlet. It is estimated that the popularity of social networks seems to be less than two years. So what's "hot" today could be a distant memory in 24 months.
This means even the popular Facebook and Twitter will one day face the same music as the declining MySpace. "Technology will evolve to the point where it leaves MySpace, Facebook or Twitter behind," said Jon Gibs, vice president of media analytics for Nielsen Online. So…make your final "tweet" and compose one last wall post...because the clock is ticking.