How could one of the internet’s most popular social media be sold for only 35 million in 2011 instead of the websites’ worth of 580 million in 2005? Being sold for only a fraction of its’ value, Myspace was sadly beat out by Facebook. The website was created by a small group of programmers who were members of Friendster. These programmers already had the finances, people, and servers to make Myspace possible. It was originally used as a storage site and then transitioned into the popular social media we know of today. Aside from email and instant messenger, Myspace was the first popular social media where anyone could be connected to their friends and share their thoughts on the web. At its’ peak Myspace had three hundred million users and was valued at twelve billion dollars. Google had signed a deal with Myspace spending millions selling advertising on the website. A year after Myspace was made Facebook came out and started to gain more users. After Facebook out populated Myspace the website was sold for thirty five million and had cut 47% of its’ staff. The website had lost most of their users and advertisers leaving the owners with a huge loss in revenue.
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