The Wall Street Journal reports this morning that the founders of MySpace,"the pioneering website that made social networking a mainstream phenomenon" are leaving the company, which Murdoch (remember him?) bought four years ago to add to his News Corp. empire. According to the WSJ, News Corp. wants "to show that a large conglomerate, with a portfolio that includes many old-media properties including newspapers" can success in generating serious revenues and earnings. Even the most popular social networking sites like MySpace and FaceBook haven't done this so far. Will News Corp.'s synergy work?
Founded in 2003, MySpace imitated Friendster, a popular site at the time, but let users customize profile pages and create any identity they wanted. It still is the main social-networking site in the U.S. though not all that popular here. Facebook surpassed McSpace's world-wide audience last year, according to the WSJ. Facebook has come in with its own innovative features, including having third-party software developers write applications for Facebook. Have you run across this news elsewhere?
Lots to discuss here. Who wants to start?
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