MySpace's Value Steadily Declines as Facebook's Rises" height="290" width="464">Should probably be called MySpace is for Dummies
"Poor MySpace. NewsCorp thought it was getting a bargain when it nabbed MySpace, once the top social networking site, for a paltry $580 million. Now, it looks like Rupert Murdoch has only been able to wrangle one potentially interested buyer for the site. All Things Digital writer Kara Swisher reports that 'the main bidder is a dark horse bidding group, which includes Activision Chairman and CEO Bobby Kotick as one of the potential investors.' Though MySpace's final selling price is still unknown as of now, Swisher insists that 'one thing is certain: It is nowhere near the $100 million that News Corp. reportedly sought.' "
We are going to go on the edge here and say something and conclude why MySpace died.
One of the key things we have noted is that social networks tend to start out very left wing. That is because the digital natives generally under 30 years old are by far the largest left demographic in modern society. That is global as well. Values of cooperation, non-violence, and social justice are held much deeper by the younger emerging generation.
This is because this is the first generation to know only the free market reform period after Reagan and Thacher. This generation has seen its economic opportunity fall compared to its parents, it also knows only the world of global free markets. Therefore it will tend to not compare current world situations to the 1970s or earlier. Without even any memories of the Cold War these young people only have one system to blame for their problems: global capitalism.
Unlike older voters in the US who joined the Tea Party these younger users are now behind protests from the Middle East to Madison, protests aimed at a more left wing system that stresses social justice.
So when NewsCorp purchased MySpace and started running MySpace promotions on Fox News they were essentially killing the service. Fox News is watched by older more conservative users. Associating MySpace with the hated Right Wing Fox News drove away people on the Left. Young users who are driving the evolution of Social Networks are mostly young leftists.
It was all about a large corporations failure to understand how deeply young people held political values. NewsCorp might have been able to pull it off. After all young people watch "Simpsons" and "Family Guy." But NewsCorp main strategic error was to try and join their FoxNews user group to MySpace brand.
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