Remember Myspace? It's coming back
What's the story
Myspace, once the world's leading social media platform, is planning a comeback. The news comes from Tim and Chris Vanderhook, co-founders of Viant Technology and current owners of Myspace. They had previously tried to modernize the platform in 2013 but were unsuccessful. In a recent documentary titled Myspace, directed by Tommy Avalone, the Vanderhook brothers confirmed their plans for another relaunch.
Platform history
Myspace's history and decline
Myspace was launched in 2003 by Tom Anderson and Chris DeWolfe. It quickly became the world's most popular social media platform with 115 million monthly visitors in 2008.
However, it was soon overtaken by Facebook and other platforms.
The Vanderhook brothers acquired Myspace in 2011 and attempted to revamp it with a new version but failed due to multiple ownership changes and loss of advertisers to Facebook.
Market challenges
Competition and challenges for Myspace
The relaunch of Myspace would put it up against major players like Meta's Instagram, TikTok, Snapchat, YouTube, and Reddit.
Kate Winick, a principal analyst at Forrester, told CNBC that the excitement around Myspace's relaunch is due to nostalgia for a time when algorithms weren't as prevalent in our lives.
Future prospects
Factors affecting Myspace's relaunch success
The success of Myspace's relaunch will depend on several factors, including attracting advertisers, keeping users engaged, and navigating a complex regulatory landscape.
Winick said that if Myspace leans too much into its old self, it might not meet the expectations of a generation used to cleaner and simpler user experiences.
However, with strong brand recognition, Myspace has a decent chance of success in this new era.