Myspace is dieing, but doesn’t know it
Back in March, I paneled a music conference. When we talked about social networks as a means to push artists’ music or brand, I mentioned that I thought Myspace was dieing and that it seemed like Facebook was the upstart.
Some of the other panelists tried to crush my comment, like what I said was blasphemy. Amazing…I just took a look at Compete.com’s numbers for both sites and seems like I wasn’t all that wrong. I suspect that if I look at November numbers, I wouldn’t come to a different conclusion.
My experience was that people just weren’t as enthralled with Myspace any more. It’s yesterday’s news, to an extent. I think it’s still valuable. I mean, come on, it still as over 50MM uniques…how many sites can say that!
Keep in mind, that I don’t think Facebook is the long-term answer. I think someone else will come along with a better app. Someone always does. That’s actually why I think the valuation of Facebook is ludicrous. $15 billion (or whatever the latest incarnation of the valuation is) is insane – seems like that should take into long-term value, and I don’t think it’s a sustainable business…social apps don’t seem to have a long shelf-life…imo.
