MySpace Moves into the Unknown
Once a site buzzing with traffic and new music, MySpace is suffering as the world turns to Facebook.
Courtney Holt, the president of MySpace Music, is attempting to revamp the system in such a way as to benefit the site financially.
In the past, Holt encouraged big name acts like Nine Inch Nails, Weezer, and the Black Eyed Peas to get on MySpace, which resulted in a few career best album launches. (At the time, Holt was a marketing vice president at Interscope Geffen A&M.
Holt is currently being asked to resurrect MySpace from the grave an uncaring public has dug for it, and in the process the MySpace Music President hopes to earn the site some much needed finances in order to improve its chances in the battle against Facebook.
It seems that the chances you’ve been on the site in the last three months are about fifty-fifty, as members have been dropping like flies.
But if you have, then you’ve noticed that users now have the options to put entire playlists on their profiles rather than just the one track they were allowed previously. Users are also now allowed to create playlists to swap with friends, or “friends.”
Also new to the site are links to artists’ Amazon pages, where users can go to purchase the MP3s they listen to on MySpace.
Holt has even more plans for the future, which include making MySpace a place where concert tickets can be purchased, as well as band merchandise.
Holt wants to find “half a dozen new revenue streams,” according to the Associated Press.
The site would “rather have 10 healthy revenue streams than one big revenue stream prone to disruption.”
In other words, MySpace wants to direct labels away from just selling song downloads and CDs, and move into unknown territory.
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