According to the MySpace vs. Facebook 2.0 YouTube parody*, about 28 million people continue to use the original MySpace. If only 10% of that total convert to the newly designed MySpace when it launches, MySpace will maintain a key position in the now fragmented social media marketplace. Does this mean that MySpace will be the number one social media platform for the masses again? That is left to be seen.
Time has proven that each social media platform draws a different audience—as they should. Time has also proven that in terms of sales conversion, certain products are salable via social media. For example, everything entertainment is up for grabs among the various social platforms with Twitter, Facebook, and YouTube leading the way.
Real-time access to an audience that hungers for breaking news and trending topics accounts for Twitter’s universal appeal and leverage. Pinterest continues to weigh in on the social media battle for consumers who like to engage visually—edging out its direct competitor in virtual scrap-booking and online organization, WeHeartIt. While, in the social media photo sharing space, Instagram’s popularity has increased primarily by way of Twitter. LinkedIn reigns over all business networking platforms, catering to mass and niche businesses alike.
When social media became the contender of traditional media five years ago, critics said that this trend would not last long. In a way, they were correct. Even though social media is now equally important to traditional media, the pioneers of the social media takeover are no longer as viable, if at all.
Talk about feeling the pressure to remain relevant in a highly competitive marketplace! Given its rise and fall and now rise again, social networking behemoth, MySpace is a case study to observe in 2013 and beyond. When MySpace‘s popularity began to peak in 2006, it was especially appealing to creatives. The good news is that it remains an excellent platform for creatives, particularly those in the music and film industries. With multi-millions frequenting MySpace monthly and mainstream talent like part-owner, Justin Timberlake added to its users list, brands seeking to engage with the creative community and entertainers should include MySpace in their social media marketing campaigns.
Strategic alliances are now more important than ever for MySpace. The same is true for branded events. Like any product, MySpace must further differentiate in order to remain relevant. One thing that may help MySpace along is reviving the live concert series it hosted in its heyday (T.I.’s concert in Chicago was a huge draw). The popularity of MySpace’s live concert is something YouTube and UStream have not been able to replicate.
Being able to listen to new music from indie and mainstream talent is essential to music lovers, label representatives, and any company with a branded entertainment division. Based on its sleek new features, MySpace promises to be an engaging, electronic press kit for artists that rivals Sonicbids.
If MySpace focuses on the interests of its core fans instead of competing with Twitter, Facebook, and Pinterest to be popular, it will realize success with the new platform and add new fans as it “grows along.” It’s irrelevant that MySpace has borrowed features from the competition. Who hasn’t? In September, Twitter added a cover to user profiles similar to what Facebook introduced earlier this year. Despite the key difference in use and audience, there is an ever-growing list of comparable features between all the social media platforms.
Are you on the same social media platform as your competition? Does your social media strategy and your conversations match that of your competitor’s? Are your products similar to the competition? In order to market successfully, you must differentiate. Going forward, make it a priority to differentiate my space from yours.
Watch MySpace’s promo video here.
By: Isha Edwards