Saturday, May 8, 2010
MySpace Loses $150 Million Dollars.......
Yes, according to Hypebot MySpace has been losing money with a reported $150 million dollars lost this past quarter, along with the $88 million dollars they lost last year. This news final clears up some of the mixed reports released from NewsCorp. to their investors earlier this week. Also, an earlier post on Hypebot showed a graph put together by NielsonWire Research Group which confirmed that MySpace has been losing unique page visits since 2008 in comparison to Facebook. So, what does this mean for the standpoint of music marketing? Well it shows that there’s a change happening where possible fans are now at on social networks, and with music sites like ReverbNation creating widget tools to easily embed music into Facebook fan pages. I predict within the next few years that the idea of creating a MySpace music page to place your bands music will not be as appealing as creating a Fanbage on Facebook. The easy tools Facebook offers to share content with larger audiences will continue to increase as the years go on, but only time will tell.
Submitted by: Jarvis R. Smith