Let's hear it for MySpace, one of the leading case studies in future business books on how NOT to purchase and run social media. Rupert Murdock (News Corp., everything Fox, Wall Street Journal, and much, much more) bought MySpace near the top of the market back in 2005. Self-proclaimed business genius notwithstanding, he lost over $90 million per year based on the fire sale last week.
But the fun part of the deal, besides tweaking Murdoch, is that Justin Timberlake has jumped into the picture, and bought into the deal that gave Specific Media ownership of MySpace. Lots of commentary from places like the Ministry of Gossip, which certainly sounds like it should be based near Hollywood, noticed the cinematic irony that Timberlake, after playing in that little movie about Facebook, is now buying MySpace.
MySpace still corners the market in up-and-coming band pages. Can Timberlake leverage that role to success?
If Justin goes back, I just might! He's Bringing Myspace Back... -- Belinda Hunhoff, Facebook
Justin is bringing myspace back. -- Melody Liu on Facebook, agrees with Belinda, Ministry of Gossip.
Justin has his work cut out for him.
Out of curiosity I logged on myspace and I was welcomed by the soothing sound of hollow, dry wind and rolling tumbleweeds. -- Joel Dellosa, again on Ministry of Gossip.
As long as they find a niche and no longer think they are a facebook competitor they may be able to sustain. -- TheremustbeCHAOS, CNET
Mashable reports there should be news this summer. Readers there seem to have less faith in the Timberlake Takeover.
Perhaps his role in "Social Network" went to his head and he thinks he can actually take on Facebook. -- Bobby Holland, Mashable
Man! Some people should just leave the "investing" to the pros; as the investors leave singing to the pros ... -- myMrP, Mashable
One reader throws Justin Timberlake's words back at him:
"There's a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect."Yeah JT, they're called Facebook, Facebook, Facebook, Facebook, Facebook and Facebook… ever heard of it? -- Neil Shah, Mashable
Disagree the only downfall of FB is the lack of support for musicians. There are no playlist or easy ways to share music with friends. Myspace will be great for the music Industry. Fanpages just don't cut it. -- Johanna Golphin argues back on Mashable
Perhaps the most overlooked asset of Myspace is it's a huge, legal repository of signed and unsigned music performers, as well as music label agreements that even Google and Amazon couldn't pull off. Maybe JT has a point with his comment, or at least he puts his money where his mouth is… -- Matthew Hurst on Mashable
Time to vote: Can JT save MySpace (Yes or No). Should he? (Yes or No). Rants allowed.