|Headquarters Regions:||Beverly Hills, California, United States|
|Founded Date:||1 August 2003|
|Founders:||Tom Anderson, Chris DeWolfe, Jon Hart|
|Number of Employees:||150+|
|Area served:||United States of America and world|
|Products of Company:||social networking service|
|Net Worth in 2023:||$110 Million|
Myspace is an American social networking service whose headquarters are in Beverly Hills, California. It was the largest networking site all over the world between 2005 and 2008. In July 2005, it was acquired by News Corporations for $580 million. By June, it was the most visited website in the whole of the US, being ahead of Yahoo and Google. By the end of the 2008 fiscal year, it had generated total revenue of $800 million.
Myspace and Facebook had reached 115 million users by May 2008 but soon lost to Facebook. Since 2009, the number of unique visitors in Myspace has been declining and reached 7 million by 2019. The founders tried to redesign it to no avail.
By June 2009, Myspace had a total of 1600 employees. Justin Timberlake, together with Specific Media Group, purchased the company for $35 million in June 2011. Later, Time Inc. purchased the company together with its parent company for $87 million in February 2016.
Well, how well do you know about Myspace? If not much, we have compiled all you need to know about Myspace’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about Myspace to date.
In mid-August 2008, various eUniverse employees of Friendster accounts saw its social networking potentials. They decided to emulate the most popular website features, and within ten days, Myspace’s first version was ready for launching, which was implemented using ColdFusion.
The project was made possible with the help of Brad Greenspan, the founder, chairman, and CEO of iUniverse. He oversaw the company’s starting CEO, Chris DeWolfe, Tom Anderson, and Josh Berman, the starting presidents of Myspace, and several other supervisors.
The first users of this new website were eUniverse employees. The company tried to look those to sign up most users, and eUniverse gave out 20 million users to give life to Myspace. With the help of Toan Nguyen, an architect joined by Greenspan; the Myspace platform was then stabilized.
The original owners of the Myspace.com domain were YourZ.com Inc., whose intention was to use online data storage while sharing the site. By the end of 2013, it was no longer a data storage site but a social networking site. A friend, working in a data storage business, reminded DeWolfe that he owned the domain of Myspace.com. Thus he urged them to start charging the services offered by the website.
Greenspan was not in support of this as he believed that giving free services would help it more successful in the community. This helped the company get popularity from teenagers and young adults, to appoint that DeWolfe contracted Mark Zuckerberg to acquire Facebook. Zuckerberg offered to sell it at $75 million, which DeWolfe rejected. DeWolfe, Berman, and several other employees were able to purchase the equity of the property before Myspace and eUniverse, the parent company, was purchased.
During one of the company’s internet purchases in July 2005, Myspace was bought by News Corporation for $580 million. The company was seeing over 16 million users each month by the time of its acquisition. Viacom also wanted to acquire the company by offering a higher amount, but the purchase was seen as a good investment point. Summer Redstone, Viacom chairman, then fired Tom Freston, CEO, as he thought that their failure to acquire Myspace was due to the drop in their 2006 stock price by 20%.
At this time, Myspace was rapidly growing and was able to sine 200 thousand users a day, and within one year, the numbers rose to 320 thousand. By the end of 2006, the company had launched its products in eleven countries. The same year, the company had an advertising deal with Google to yield $900 million in a span of three years. G0oogle was able to increase their revenue from $1 million to $30 million each month, of which half came from Google.
The company had a 50-50 deal with Softbank to open a branch in Japan in November 2006. Google-led OpenSocial Alliance was joined by Myspace and Bebo in November 2007 to promote some software developers. This was to help write some major programs for various social networks. Facebook never joined in this as Google was trying to outweigh Facebook after failing to build its own market in the US.
In 2007, at a time when News Corporation tried to merge Myspace with Yahoo, its value was ranging at around $12 billion.
Awards & Achievements
Myspace has achieved a lot during the time it has been operating. In most cases, it has been considered the leading social networking site. It was named the largest social networking site between 2005 and 2008. Between 2007 and 2008, Myspace had a main competitor, Facebook, but was able to beat it off. Facebook was not able to diminish Myspace’s popularity as most of the users of Facebook were college students.
Net Worth & Earnings of Myspace in 2023
As of 2023, Myspace has an estimated net worth of about $110 million. This is a drop after facing huge competition from other social networking sites. However, Myspace is trying to redesign its operations and will increase its earnings in the future.
Myspace is one of the various social networking sites which grew very fast. It was the biggest communication site in the world between 2005 and 2008. The company has not only grown for its benefits but also for the benefit of other people. It has created employment for over 160 thousand employees worldwide.