Social Networking Journal

Is Myspace Losing It’s Edge?

Is Myspace having a difficult time losing it’s edge in the competitive vertical of social networking? It’s hard to say. MySpace has its share of users who simply won’t leave no matter what, because they’ve spent a lot of time to design their user pages, write journals and gather online friends. The crew of MySpace is continuing to add new features, but will their need to expand while keeping their remaining audience succeed? Only time will tell.

There’s definitely something that MySpace team has to do in order to stay alive.
Compete.com says that the arch nemesis of MySpace, Facebook, has already overcome MySpace in terms of traffic received. It happened somewhere around December 2008. However, MySpace didn’t witness any dramatic decrease in visitor numbers, as the monthly traffic has declined by only 8% since May 2008. The statistic is quite good for them, as Facebook has grown an astonishing 250% during the past year.

Statistics are nothing without proper interpretation.
Actually, these statistics show that MySpace is stagnating, nothing more and nothing less. The soaring numbers of Facebook users show that Facebook have targeted whole new audiences that MySpace couldn’t conquer without drastic changes to their site. Facebook is with a more flexible audience, as the pages of MySpace look plain ugly for the first time visitor.

User statistics also don’t mean anything, at least if the companies can’t profit from them.
The monetization of MySpace is clearly going better than the one of Facebook. The users just generate more cash than the ones at Facebook do. That’s the downturn of the popularity that the #1 Social Network in the world has – Facebook can’t target their users very well because of the tremendous age differences of members there. However, the main rival of MySpace has its advantages (e.g. a cleaner look) for attracting potential advertisers. Contrary, MySpace has no problems with its teen to twenties user base, because it’s easy to target. That is why they can cash in more, even from their shrinking user base.

What should be done?
MySpace has implemented a micro-blogging feature following what Facebook did. Well, you can disregard Twitter, but it’s bad for business if people find features that are offered on other sites and go to those sites, instead of putting up with what MySpace has. New features will be introduced undercover, in order to sustain the shrinking pool of MySpace users. It’s difficult to predict what some of these features might be.

MySpace is on a crossroad. One way, there is the golden crown of music that MySpace has successfully implemented, it still can be polished, and if they choose to do it, they’ll probably squeeze everything left out of the music niche that can possibly be taken.

The other way is taking risks to make MySpace more appealing to audiences other than teens trying to get in touch with the bands they like. Generally speaking, MySpace has to choose whether they want to fight Facebook or try to sustain their user base. It’d be interesting to see if they can do both, but only time will tell. Long gone are the days when MySpace first appeared and raised to heights no other Social Network can rise to again, they finally need to work with an attitude of a market shark, otherwise MySpace could be a fad that’s as popular as yesteryear’s parachute pants.