Business Behind Two Popular Social Networking Sites

It used to be that if you wanted to be hip you had to have a page on the social networking site MySpace.com. In recent years, however, the MySpace has been replaced by a newer, more functional social networking site. Today, Facebook.com has become the social networking site of choice for millions of people all over the world.

When Fox bought MySpace for $320 million everyone thought it was the deal of the century, but times have changed.

When MySpace was king, it was where millions found themselves checking out their friends’ pages and creating their own. At the time, it had valuable functions that you couldn’t find elsewhere. You could set up your page to play a certain song when it was opened. You could chose from various “skins” to personalize your home page. It was the “in” online place to be.

The beginning of the end for MySpace was in 2008. Millions of people began leaving MySpace in favor of Facebook. Some have kept both accounts and but used Facebook as their primary account. Now, not many people use MySpace as their only social networking account.

MySpace’s fall from grace was not surprising considering how quickly technology changes. If you don’t adapt and keep current, users will find another online tool. Many people said they dropped MySpace because it was slow to implement user requests. It only recently implemented an updates system used by Facebook for well over a year.

MySpace also catered to a very specific group of people. It wasn’t seen as an inclusive place where everyone would feel comfortable. Facebook, however, has done a better job of marketing itself.

By contrast, Facebook is viewed as a site where the whole family can get involved. With a broader demographic, you reach more people who are potential users.

In time Facebook will probably face the same fate as MySpace. Technology changes rapidly and people have short attention spans. New products are coming out all the time that are diluting people’s focus and making them want to trade in what they have for something new.

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