If you’ve been on any social-networking site for the past few years, you’ll know that there is a lot of hype about MySpace.com and there’s been good news and bad news. Now is this an advertiser’s dream come true? You have a site where young adults at least between 16-25 years are on this site — thereby becoming the ideal demographic — and online advertisements everywhere on the site. With millions of subscribers on the site, MySpace.com is truly a Generation Y juggernaut. It has become a site that Friendster used to be and only now it has become targeted by advertisers.
About a year or so ago, Rupert Murdoch and his FOX entertainment company purchased MySpace for hundreds of millions of dollars. That was a smart move because not only does FOX have a base of his young market segment, but he reaps in a great deal of revenue from hundreds of advertisers just waiting to see if their ads work on MySpace. If you go to the site now, you can download episodes from several of hit shows from Fox, including the smash-hit 24.
But lately, other social-networking sites are emerging to try and compete with the power of MySpace. Can Tom and his friends rally to overrcome this latest challenge? Friendster themselves has recently obtained $10 million to revitalize the once-popular site. Even China has a social-networking site that it hopes will become highly successful like MySpace. If China restricts access to MySpace as part of its restriction on free speech, but allows access to its own site, will this mean that MySpace will lose out on billions of subscribers?