Yeah, we forgot about MySpace, too. The once massive bastion of early 2000’s social media, and struggle rappers and would be THOTs (male and female), was just purchased by Time Inc., technically.
Reports The Verge:
MySpace was once seen as the king of social media, a heavyweight with upstarts like Facebook nipping at its heels. But after being purchased by Rupert Murdoch, the site took a tailspin. Since then Justin Timberlake’s made an attempt to revive the service. Now, it’s Time Inc. that is aiming to resurrect MySpace — but not without just cause.
The relentless decline of the print industry is no secret, and the 94-year-old publishing house is far from immune. Despite being a top player in the media industry, Time Inc. swung from a large profit in 2014 to a huge $881 million loss this year. Even though the company attributed the bulk of the loss to its relocation from the Time & Life Building in New York — its headquarters since 1959 — to Lower Manhattan, there was also a 6.6 percent decline year over year in print and other ad sales.
MySpace hasn’t made much news of late, but it can boost the bottom line for Time Inc. Believe it or not, the site still sees 50 million visitors every month. And one division in Time Inc. that saw real growth in revenue was digital ads. Home to brands like Time, People, Sports Illustrated and Entertainment Weekly, Time Inc. wants to monetize its audience more effectively — the end goal is to convert eyeballs to moneybags. MySpace just happens to be a piece of the ad-tech colossus called Viant.
Long story short, Time Inc. copped Viant, which owns MySpace. Thus, now Time Inc. owns MySpace, but what the publishing company will actually do with the website/brand is still anyone’s guess.
But wait, MySpace still gets 50M vistors per month? Show yourselves!
Photo: AP Photo/Paul Sakuma