Company Overview

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Status:
Acquired by Specific Media
Founded:
August 1, 2003
Founders:
Colin Digiaro, Aber Whitcomb, Brad Greenspan, Josh Berman, Michael Addicott, Tom Anderson, Chris DeWolfe
Employees:
800
Headquarters:
Beverly Hills, CA
Categories:
Social Media, Social Network Media, Web Hosting
Description:
MySpace is a social networking site that enables members to make friends, write blog posts, add music, and customize their MySpace pages.

Detailed Description

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MySpace is one of the world's largest social networks, with about 125 million users. Originally inspired by Friendster, MySpace quickly grew to become the world's largest social network, before being overtaken by Facebook. User pages are highly customizable and support integration with widgets such as Slide or YouTube. MySpace provides users with a way to connect around content and culture.

MySpace was started as a side project of the internet marketing company eUniverse (now called Intermix Media) in August 2003. Brad Greenspan, then founder and CEO of eUniverse oversaw the project, which was also led by Chris DeWolfe (later CEO), Josh Berman, and Tom Anderson (soon to be President). It officially launched in January 2004.

By February 2004, MySpace reached 1 million registered users. By November 2004, that number had reached 5 million. In July, 2005 News Corporation bought eUniverse (renaming it Intermix Media) for $580 M, of which approximately $327 M was the valuation of MySpace. At this time, the site had 20 million registered users. In mid 2007, News Corporation contemplated selling 25% of MySpace stock to Yahoo! in a deal that would have valued the site at $12 B, though this never went through.

After being acquired, MySpace's revenues grew rapidly, as News Corporation pursued lucrative advertising deals. In August 2006, Google made a $900 M agreement to provide search and advertising directly on the MySpace site, which is set to expire in June 2010.

In mid 2008, MySpace participated in a major site redesign. Throughout its history, critics have often cited the chaotic and disorganized interface as a severe drawback to usability of the site. This redesign made the main page more streamlined and clean.

In late 2006, Universal Music Group sued MySpace for millions in damages from copyright infringement. This suit was settled in mid 2008 by the launch of MySpace Music, a site where users can listen to streaming songs from all sorts of artists. To supplement this venture, MySpace acquired iLike in mid 2009. MySpace had previously also launched a record label in 2005 and musicians such as Lily Allen and Sean Kingston were first discovered through MySpace.

In mid 2007, MySpace acquired PhotoBucket for $250 M in cash, plus an additional $50 M earn-out. By late 2009, News Corporation sold a 2/3 stake in Photobucket to a group of investors valuing the company at $60 M, over 80% less than the acquisition price.

Since 2008, user growth has stagnated and page views and other metrics have fallen. In April 2009, longtime CEO and co-founder Chris DeWolfe was replaced by Owen Van Natta, in a publicized firing. President and head of product, Tom Anderson, was kept on, but in a different position. Two months following this, MySpace announced it was laying off 30% of its workforce amounting to 420 people.

In June 2011, Myspace was acquired by Specific Media for a reported US$35 million. Justin Timberlake also took ownership in this acquisition and will play a strong role in Myspace's future strategy and creative direction.

Current Team (40)

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Past Team (146)

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Board Members and Advisors (1)

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Products (2)

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  • K6bvhrpw5dkwksz8jmsh

    MySpace Mobile App

    The new mobile app, available on the iPhone, allows users to keep in touch with their MySpace...
  • Ionhgdi8q6lmrrsxv1q1

    MySpaceID

    MySpaceID is MySpace's data portability standards project. The project essentially makes key...

Acquisitions (4)

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  • Cc6ea81a5be86807b73063d940816d5b

    Threadbox

    Threadbox enables users to create a mail space for their entire email thread and helps in sending...
  • F3f200ba21a6688c9a67a4cbaf29207a

    Slingshot Labs

    Slingshot Labs is a startup incubator focused on building and developing new web ventures for...
  • 86151bec3be60bfda283499c48dec9ef

    imeem

    imeem is an online music service that provides fans with instant access to any song they want,...
    Nov 18, 2009 -$1M in Cash
  • F1d0c0d904141cc187db8a377e797222

    iLike

    iLike is a social music discovery service that allows users to discover, download and share music.
    Aug 17, 2009 -$20M (terms unknown)

Offices/Locations (1)

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  • Office

    8391 Beverly Blvd.

    #349

    Beverly Hills, CA 90048

    USA

Competitors (21)

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  • F35b9a33637cfb098082dceccd28abd3

    SoundCloud

    SoundCloud is an online audio distribution platform where individuals can create sounds and share...
  • B0c6a0f48fe6f70ac1fd618d81a16595

    Google

    Google is a search and advertising service provider that aims to organize and monetize the...
  • A5aa6faa2105afc046a3b32e51977a7e

    hi5

    Hi5 is a social networking site that allows its users to create, upload, and share content with...
  • 8ac43a93d6c8899a61b5191a2c5c74d7

    Rekatu

    Micro-networking and sharing
  • 13474a5244e3eab544cb97e0c9c40c11

    Spleak

    Spleak is an IM platform that enables users and mainstream media to publish content across social...
  • 3dc3fc9aed21c4b37902abc1d96606a5

    Xanga

    Xanga is a free online service allowing users to create their own videos, audios and blogs.
  • 870f393818c9f943ec7f12a631a2d940

    CarDomain Network

    CarDomain Networks is a database tracking the behavior and purchasing patterns of automotive...
  • Ad70c9351b998f06faaa7ee6e037cdbf

    LineTeVe

    Live Social Network

Images (1)

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  • 3454bc375a956628d160630267bea488