MySpace Launches Massive Overhaul

MySpace relaunchMySpace, the faltering social network, relaunched its service today as a multimedia platform. It's a radical departure from the format that made it the world's largest social network -- a distinction it has since given up to Facebook, which now claims to have over 500 million users.

The News Corp. (NWS) property said in a note to users and the press that it had created "a new brand, website and a suite of products that together redefine the company as a social entertainment destination for Gen Y. Myspace is creating a rich, highly personalized experience for people to discover content and connect with other fans who share similar interests. The entertainment experience will span music, celebrities, movies, television and games and will be available through multiple platforms, including online, mobile devices and offline events."

A video provided for visitors shows that the new site looks more like a portal in the style of Yahoo (YHOO) than like Facebook. And it may be that MySpace believes the portal business is a more lucrative way to garner revenue. Despite its size, market leader Facebook is likely to have revenue of only $1.2 billion this year, compared to Yahoo's $6.5 billion. At MySpace's high-water mark three years ago, News Corp. indicated its revenue was under $1 billion.

News Corp. bought MySpace in July 2005 for $580 million. Many analysts believed then that the move by Rupert Murdoch was a brilliant way to get a large presence on the Internet, but upstart Facebook quickly took over. According to Comscore, Facebook had 148.4 million unique visitors in the U.S. for September. News Corp. sites (listed as Fox Interactive) had 81.3 million unique visits, the majority of which are assumed to be to MySpace.

Analysts may believe that the relaunch is a gamble, but given the troubled state of MySpace, News Corp. has no other reasonable choice.

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I've never had a problem with MySpace, and will continue to utilize it. I'm an activist who shares news/information with those who are on my list, and this social network has worked very well, for me. I'm not there to tell anyone how many times I attend the bathroom, or play any silly online games. Facebook does not appeal to me, therefore I will never join.

October 28 2010 at 2:05 PM Report abuse rate up rate down Reply

I hate sites like myspace and facebook, think its childish, look at me I have a thousand friends, who cares! Bobby is going to the bathroom right now, really, useless, uneducational, and we wonder why America is for surely going down. Get a second job if your so bored that you must read what other people are doing with thier lives!!!! It is like that song these people think they are so much cooler online, embarrasing!

October 27 2010 at 5:53 PM Report abuse -1 rate up rate down Reply

I will never good back to M - Space .... I tried to discontinue my account last 2 years wrote to them 2 years ago about 20 times in 09 & 2010 and never received one email back from them .... Went to site 3 months ago and my profile account is still there , Whats it going to take ... I keep on going to delete my account but yet its still up there.... I dont trust any thing or sites on internet... I still do all my bills and banking the old fashion way ..... You never know whos watching you on the internet..... Its too easy for people to know more about you then what you want ..... I wish M-Space the BEST !! But with out me !!!!

October 27 2010 at 1:35 PM Report abuse +3 rate up rate down Reply

MySpace still exists?? Baaahahahahahahahahahaha!!!!1

October 27 2010 at 1:28 PM Report abuse rate up rate down Reply

MySpace is SO unsecure and my computer is prone to getting a virus everytime I try and even poke around that its unuseable to me. I would avoid the sight like a plague.

October 27 2010 at 9:11 AM Report abuse +1 rate up rate down Reply
1 reply to bookermps's comment

I have the same issues with Myspace. Facebook is usually okay, except for certain apps.

October 27 2010 at 9:30 AM Report abuse +2 rate up rate down Reply