Just like any C-list celebrity, MySpace had its time in the spotlight and fame, but it came to an end. And now, having gone through a “rehabilitation” process, MySpace is hoping a comeback into the social network game is not too far off. It looks like that may only be wishful thinking. Once valued at 580 million dollars, MySpace was at the top of the food chain; but “fast forward six years later and Justin Timberlake is able to snap it up for just $35 million” and there is a reason for that (Amerland, 2011).
After being sold for 580 million dollars in 2005, it only took three short years for Facebook to overtake MySpace as the top social network, but how? During an interview, “former founder Chris DeWolfe blamed Myspace’s over enthusiasm and under execution on the product side” as the leading reason to the downfall of Myspace (Lee, 2011). Myspace tried to be an all inclusive type social network which offered just about every feature imaginable when in reality, DeWolfe later admitted that MySpace “should have picked five to ten key features [to focused on]” and let all the other features go (Lee, 2011). This mentality of including and offering everything to their users turned out to be harmful to MySpace.
If that wasn’t bad enough, the once President of Facebook and Napster co-founder Sean Parker revealed to the world why he believed MySpace buckled and gave way to Facebook as the new social network leader. Parkers words did not vary much from those of DeWolfe, saying that “[MySpace failed] to execute product development…[and wasn’t] successful in treating and evolving the product enough” (Tsotsis, 2011). Parker did believe there was hope for MySpace when Facebook was beginning to compete with them. Because Facebook was new, exciting, and a game changer, there was enormous buzz and their ideas and features were innovative. Parker said “there was a period of time where if they had just copied Facebook rapidly, they would have been Facebook” because they had the market size, the users, and they were enormous (Tsotsis, 2011). Should they have copied or mirrored what Facebook was doing, who is to say that MySpace wouldn’t still be the top social network, and not a C-list social network on the rebound.
Ultimately, MySpace failed to adapt and change over time. People change and so do their likes and dislikes. So, in order to stay successful in an ever changing social network marketplace, the strong survive by changing and adapting, something MySpace failed to do in 2008 when it was overtaken by Facebook.