MySpace Fall From Grace - 9-2010 BESegal Marketing Strategy & Analysis:
by Bruce Segal, C.E.O. & Founder at E*S*Q Unlimited | Marketing Strategy & Analytics on Oct 27, 2010
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• Here's what it looks like when your company fails to listen to your customers; especially in fast-changing technology-based businesses. You lose users to more compelling offerings.
• With its visitor-share shrunken to 6%, has MySpace lost the critical mass it needs for its new site to grow again and survive?
• MySpace failed to keep pace with the 38% growth in visitation to social media sites, and lost its market to Fb & YouTube.
• Overall visits to Top 10 Social Media sites grew about 38% from Feb. 2008 to Sep 2010. (24 percentage points up from 64% to 88%) The biggest changes came at the Top 3 spots of the Top 10.
• Most growth came at MySpace's expense. Its 42%+ visit-share in Feb. 2008 shrunk 8x to 6% by Sept. 2010. During that time, Fb's visit-share grew 8x from 8% to 61%. (The rising tide also helped YouTube grow visit-share by about 2x from ~8% to 17%.)
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