Reaction To Myspace Overhaul: 'Well, It's Certainly Different'

Alas, poor MySpace. I knew it, Horatio.

Clear that it's no longer competing directly with Facebook, the once reigning social network on Wednesday debuted a new customizable, content-focused design.

DailyFinance calls it "a radical departure from the format that made it the world's largest social network."

As Mashable writes, "It marks not only the release of a completely overhauled design, but the start of a fundamental shift in focus."

"The strategy hinges on drawing 13-to-35-year-olds seeking an entertainment-centric social network separate from parents and other adults on Facebook," reports Bloomberg, citing comments from Myspace President Mike Jones.

"Forgive yourself if you forget about your friends on the new version of MySpace," jokes paidContent. "Entertainment is your new BFF on News Corp.'s update of the struggling social network."

"It is a bold, if risky, move, which could result in a dramatic decline of users or -- despite the grim reality of second acts on the Internet -- reset Myspace to begin a new cycle of growth," reasons Boomtown.

What's abundantly clear is that Myspace -- now with a lower case "s" -- had to do something.

The News Corp.-owned property averaged 57.5 million U.S. visitors in September -- 24% fewer monthly visitors than its peak of 75.9 million in December 2008, according to ComScore. Partly as a result, the site lost about $350 million last year, estimates RBC Capital Markets analyst David Bank.

Adds DailyFinance: "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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