This week, it was announced that social media bomb MySpace has been sold for $35 million, a mere fraction of the $580 million invested in the online networking site. While it may not have come as a big surprise to many, it’s certainly fascinating to reminisce about the time MySpace was king before competing for user retention as Facebook quickly gained popularity, opening registration to allow anyone to join. But new reports reveal an interesting marketing investment that will rely on pop star Justin Timberlake to bring the sexy back to MySpace.
Tongues are already wagging about whether or not Timberlake’s popularity will be enough to revive the sinking social entertainment site. As soon as Nicole Winnaman, president and founder of entertainment branding firm Winnaman & Associates, got word that Specific Media was in talks to acquire Myspace from NewsCorp, she immediately phoned Timberlake’s manager with a proposal to take a stake in the company, according to the LA Times. With a proven track record of linking musicians like Britney Spears and Justin Bieber with established brands, Winnaman successfully got Timberlake on board in time for Wednesday’s acquisition announcement.
Although Timberlake is reportedly aware of the impact and importance of social media, the outlook for the struggling company remains dubious at best. Forbes blog writer Eric Savitz put it best – “The most successful brands are not confined to a person’s public image, but instead to a notion of lifestyle,” said Savitz, “Celebrity endorsements don’t bring investments. Functional business models do,” he noted. Despite his skepticism concerning Timberlake’s ability to revamp MySpace, Savitz believes that the company should focus their efforts on music the way LinkedIn has with professionals, and Facebook has with casual social networking.
The world of social media is constantly shifting, growing and evolving. What’s here today can be gone tomorrow if companies lose sight of their mission. While MySpace fights to remain relevant, Facebook retains its reign over all things social networking, and LinkedIn continues to prove its worth with sound business decisions. If you are interested in taking advantage of interactive marketing opportunities, including Facebook marketing and LinkedIn marketing, contact Blue Interactive Agency today!