At one time, Myspace was the leader in social media, unmatched in interface quality, connectivity, and functionality. There is no denying that for its time, Myspace was king. Tom became, and still is an Internet icon, propelling his platform into the social media limelight. One could even say that Myspace was the first successful social media outlet. At least in the way we view it today.
Myspace had it all, movies, music, chat, groups, forums, you name it. So how did a company with such prowess fade into relative obscurity? The answer is a complicated one, but the main reason is that it was unable to expand on its innovation.
The reasons Myspace failed
Myspace had a brilliant platform, or skeleton if you will. And while it may be wholly unfair to call its framework a skeleton, it did become that when it failed to shift its priorities with the changing Internet landscape.
It focused so heavily on connecting people that it failed to appeal to businesses that were not artistic outlets. Myspace music was a great innovation, but proved to be ineffective in drawing new audiences. Internet savvy teenagers used Myspace, and the company failed to account for those same teenagers reaching adulthood and having different priorities.
The same thing is necessary with creative business solutions. You have to not only appreciate their audience for who they are today, but who they will be tomorrow. Pay attention to what they like now, but consider the fact that their priorities may change, and you need to be willing to change with them.