The Rise and Fall of Online Social Networks Revisited

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About two years ago (I'm having difficulty coming to grips with the fact that it has, in fact, been two years), I blogged about my frustrations with the social networking sites of FaceBook, MySpace, and Twitter. Along with my posted content, I, admittedly a bit baitingly (if that is a word), adorned the post with a photo of the Hindenburg disaster and ventured to guess that none of the aforementioned sites would survive in the long haul.

I think two years is a decent enough interval to reevaluate, and my reevaluation is prompted by reports that News Corp. is selling Myspace for somewhere around $35 million. Not a bad number, viewed alone, but context is everything in this case, and the context is that News Corp. purchased Myspace about six years ago for $580 million. It does not take a rocket scientist to understand the economics of that investment. See also the below screen shot from the Myspace homepage...

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