Myspace managed to achieve 1,000,000 users in one month, while Facebook took a year to get there. At one point, Zuckerberg tried to sell Facebook to them for only $75M & they refused. At $800M in revenue, and a $12B valuation, Myspace still failed. If you want to find out why, continue reading.
From late 2000 to early 2010, Myspace was the talk of the town. Users could create their own “Myspace page” and interact with others on the website.
Myspace was awesome, especially for the teenagers since they were able to post pictures and videos and meet other people with similar interests via chatrooms.
Back then, Myspace was what Instagram is today – the #1 social media platform with massive global reach. At one point in time, the traffic on Myspace was HIGHER THAN GOOGLE!
In 2008, Myspace usership started to decline. There were several reasons for this:
1) Annoying advertisements everywhere since Myspace’s primary source of revenue was from advertisements
2) They focused on building as many features as possible and it got CHAOTIC.
3) A UI/UX that would make you pull your hair out.
4) Bad tech foundation.
5) Bad reputation and focus on safety.
By 2008, Facebook and Myspace were both at 115M unique visitors. The same year, Facebook surpassed Myspace in unique visitors by succeeding where Myspace was floundering.
This started a series of tough events for Myspace – it started losing 40M unique visitors per month, both of its founders left and massive layoffs. A website that had ruled the internet was reduced to a nostalgic memory for most.
Credit: Luke Sophinos