According to its CEO, Mike Jones, My Space is changing its strategy to focus itself as an entertainment portal and not as a social networking site. "Talking The Telegraph at the Monaco Media Forum, Jones said the bold statement: 'MySpace is a not a social network anymore. It is now a social entertainment destination.'” And so Facebook has killed another competitor. So long Bebo and now so long My Space.
And while the focus of this discussion is on England, the same holds true for the US. "Jones said new users would be of a younger demographic who want to 'meet new and old friends around great content'. The focus of the ‘new MySpace’ in the UK during the launch period of the redesign will be solely on music discovery, with other content focus areas, such as TV and film, to come later. However, the US MySpace revamp launched with movie, TV and celebrity content ‘hubs’ already in place. Jones is hoping higher quality content, will yield good advertising returns." Can My Space change in time or are they so locked into a perception that the perception of the brand is locked?
The one thing My Space has going for it is a powerful owner. With Fox behind them, My Space has the financial muscle to change directions. Competition in this entertainment arena is equally tough, but Fox has the content to help their brother in this on line race.
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