The owners of Myspace are planning to relaunch the platform
Myspace owners Tim and Chris Vanderhoek have announced their intention to relaunch the once-popular social network. In the documentary “Myspace” directed by Tommy Avalone, the brothers—who are also co-founders of Viant Technology—said they are waiting for the right moment to launch and are prepared to try again if the initial attempt fails, according to CNBC.
Myspace was founded in 2003 by Tom Anderson and Chris DeWolfe. The Vanderhoeks acquired the platform in 2011. The service is remembered by users for its customizable profiles, unique design, and Tom’s account, which served as the first friend for many users. In 2008, the site had 115 million monthly visitors, but eventually lost ground to Facebook.
A previous attempt to relaunch Myspace in 2013 was unsuccessful. According to the Vanderhook brothers in the film, losses amounted to over $150 million. They did not specify a clear timeline for the relaunch.
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Forrester analyst Kate Vinik believes that interest in a potential Myspace comeback stems from nostalgia for a time when algorithms played a lesser role in shaping the user experience. At the same time, she cautioned that the platform will have to combine its nostalgic format with modern expectations for a simple interface, content search, and short-form content.
According to Vinik, Myspace needs to offer a product that is significantly different from existing social networks and find an audience beyond the circle of people who remember the service from the 2000s. Jamie McEwen, a senior analyst at Enders, noted that the key issue for the platform will not be competing with Facebook, but its ability to operate as a small, profitable advertising platform.
Experts also highlighted the difficulty of sustaining interest in new social networks after an initial surge in popularity. CNBC cites the platform Noplace as an example, which briefly topped the app rankings after its launch but disappeared from the list of most-downloaded apps the very next day. McEwen believes that Myspace might try to position itself as an alternative to algorithmic feeds and addictive design features.
