MySpace - Social Media could have been different!
MySpace in 2011 was sold by Rupert Murdoch for a total of $35 million. Dewolf went to the Wall Street announcing MySpace’s revenue of $1bn, and $250 million in profit.
The site was doomed by News Corporations trying to push the website to monetize itself and they decided to go with it, at the expense of the users and the company. YouTube at that time didn’t have any advertisement because they wanted the site to grow.
MySpace back then was the 2nd largest video platform in the world. MySpace used to have a bigger audience than FaceBook back in 2009, where FaceBook’s worth was estimated at $20bn compared to MySpace valued at $15bn.
It is a shame that MySpace missed $15bn and ended up valuing the company at $30 million a year and a half later.