Wednesday, June 29, 2011

Exclusive: Myspace to Be Sold to Specific Media for $35 Million

From All Things D, News that My Space is to be sold by Fox for less than 10% of it's purchase price to Specific Media. Can they really do something with My Space or is this another bad investment. Exclusive: Myspace to Be Sold to Specific Media for $35 Million

Is There Room For Another Social Network?

A simple question, how many social networks do you belong to. I count five for me, although I haven't gone on My Space in over a year and they are getting set to layoff employees and sell the business at a fraction of the purchase price. There is of course Facebook, where I admit, I visit throughout the day as well as LinkedIn for my business networking. There is Twitter, for quick updates of news and gossip. And most recently, Foursquare, where I am still a newbie. So let's call it four for active use; do I need another, not unless it can offer something uniquely better than what I already have.

"On Tuesday, Google introduced a social networking service called the Google+ project — which happens to look a lot like Facebook. ... But the Google+ project will be different in one significant way, which Google hopes will be enough to convince people to use yet another social network. It is meant for sharing with groups — like colleagues, roommates or hiking friends — not with all of one’s friends or the entire Web. It also offers group text messaging and video chat." Is that enough to make a difference? I would suspect that Facebook will quickly add this feature and more before Google+ is fully released.

This is not Google's first attempt at a social network. Previously there was Buzz which didn't get any praise reviews. Still it is hard to count Google out of the picture. They have proven an ability to come and compete and be successful. Their Android product has fared very well against Apple and the iPhone. And tying in Google+ with Android phones in a seamless way may be the right mix of social, group dynamics, and mobility that we need. Can they put it together and out the door before Facebook and others tweak their software? In this fast pace race, it is all about the timing.