This recent LA Times article discusses the relevant topic of the intersection between the music industry and social media. It specifically concerns Myspace and the site’s ability, under new leadership of Specific Media, to make a “comeback”. MySpace has been in the shadow of rival Facebook for a solid three years, but its new owners are banking on the site’s “ability to marry the elements of community” with the rights to stream 42 million songs, its strategy to offer exclusive partnerships to advertisers, its intention to simplify navigation and social networking features and the creation of original programs rooted in music. Industry insiders are skeptical and claim that MySpace has much catching up to do.
All in all – knowing what we do about Facebook, Spotify, MOG, Pandora, etc.
– Do you think Specific Media can lead MySpace to a “comeback”?
– Will MySpace simply end up being “just another music website”, or do you think it can find a distinct way to differentiate itself from its competition?
– With its new strategy, do you think MySpace can once again reclaim its place amongst emerging artists as the go-to site to post music, videos, etc. to get noticed by and network with industry professionals and record labels?
– If you do not think that MySpace will make a “comeback” based on the information in the article, then what should it consider when executing its re-launch strategy in order to succeed?