Poor Rupert Murdoch—his $580 million investment in MySpace proved to be a bust: A week after Goldman Sachs Madoffed 1% of Facebook for $500 million, MySpace is halving its staff, laying off 500 computer geeks.
In other words, from an online place where people could connect, MySpace was turned into an online place where people could compare shopping and wish lists—and where’s the fun in that, in this age of no-money, no-credit, no-fun?
Only a suit would think up this ridiculous business model—which is exactly what Murdoch had in place: A suit. CEO Mike Jones’ vision to revamp the News Corp. property was to accelerate the monetization of the site, instead of building it first, then sucking it dry . . . or rather, building it up first, then sucking dry the investors fool enough to sink money into it.Like Goldman did with Facebook. Goldman knows what it’s doing—banging the dinner bell for investors, and selling shares on the shadow equities market, carefully curtailing the possibility of price discovery, and thereby monetizing Facebook at a $50 billion valuation.
Murdoch and Jones? No such skills.
The Hourly G recognizes that no one gives a rat’s ass if some mean and boring old fruit like Murdoch loses a few paltry hundred million dollars, and his suck-up suit gets tossed out on his ear. Hell, at heart, we really don’t care for the 500 geeks thrown out onto the Beverly Hills’ street, where MySpace was based—
—but what is interesting is the speed with which assets balloon in price, then deflate, in the Age of Virtual: Time was, MySpace was considered the winning bet, and Facebook the also-ran.
Times change.
Update, 4:45pm, EST, 1/12/11:
Bloomber is reporting that, in a company-wide staff meeting, CEO Mike Jones said that News Corp. is “assessing a number of possibilities including a sale, a merger and a spinout.”
MySpace, R.I.P.
And they will likely change for Facebook... social network users are a fickle bunch.
ReplyDeleteI have an idea that is more fun than Facebook. Hopefully Goldman will not handle my IPO!!
ReplyDeleteConcept:
Create a website called www.bragasaurus.com
Tagline: “Tell the World”
Website would enable users to create a personal page which would enable them to “Brag” about things they have done or intend to do.
Users can add friends which will be called “Bragastars”
Each user would be awarded a score: known as a “Bragascore”
The score will be derived from the “Bragascale” which will be 1-10.
Depending on what each user has “Bragged” about, their score will reflect how others users rate the “Brag”
Users can also opt to have their “Brag” go out to the whole site for everyone to see and comment, this will be known as the “Bragasphere”
Current News, Images, Videos will be shown under the “Bragasnips”: tab
Users will also have the function to search for “Brags” such as “I climbed Everest” on “Bragasearch” which will then reveal others who have done the same or to obtain more information on an event.
If a user posts information that is untrue, or dubious, then other users can score this as “BS” thus deducting points from that users “Bragascore”
Companies would also be able to post about products etc, and update consumers on why they consider their product to be cool or worth buying, consumers would also award scores based on their opinions.
Depending on how others consumers rate the services or product, they award it marks, for example an I-Phone would be given a “Bragabuy” rating by users.
“Its Facebook, Digg and Twitter with teeth”
I have an idea that is more fun than Facebook.
ReplyDeleteHopefully Goldman will NOT handle my IPO!!
Concept:
Create a website called www.bragasaurus.com
Tagline: “Tell the World”
Website would enable users to create a personal page which would enable them to “Brag” about things they have done or intend to do.
Users can add friends which will be called “Bragastars”
Each user would be awarded a score: known as a “Bragascore”
The score will be derived from the “Bragascale” which will be 1-10.
Depending on what each user has “Bragged” about, their score will reflect how others users rate the “Brag”
Users can also opt to have their “Brag” go out to the whole site for everyone to see and comment, this will be known as the “Bragasphere”
Current News, Images, Videos will be shown under the “Bragasnips”: tab
Users will also have the function to search for “Brags” such as “I climbed Everest” on “Bragasearch” which will then reveal others who have done the same or to obtain more information on an event.
If a user posts information that is untrue, or dubious, then other users can score this as “BS” thus deducting points from that users “Bragascore”
Companies would also be able to post about products etc, and update consumers on why they consider their product to be cool or worth buying, consumers would also award scores based on their opinions.
Depending on how others consumers rate the services or product, they award it marks, for example an I-Phone would be given a “Bragabuy” rating by users.
“Its Facebook, Digg and Twitter with teeth”
GL
ReplyDeleteThe comment section is not working. I tried to comment but its not allowing it.
What a great idea. The mundane stuff poeple post on FB is boring. It time FB was replaced by something similar that is more interesting.
ReplyDeleteWhen are you gouiny to launch it?
This could also be like nexstop.com where people can comment and give recommendations for places around the World, except of course that they brag about places they have been.
ReplyDeleteI really like the concept. I would definately use it.
Do you have the domain name?
Facebook will be a fad. Many 15- to 18-year-olds are now jaded with Facebook.
ReplyDeleteI can see the appeal of this site, you will need to combine it with mobile media, i.e. phone apps. At present FB is the only singular network to connect to your friends. Twitter is how to connect to people who are not your Facebook friends. If you combine both, you will have a winner.
You could also have a "Bite" instead of Facebooks 'Like"
Another aspect you could incorporate is a "Roar" which would be similar to the site www.Quora.com which is a question-and-answer service where fellow users attempt to answer questions posed.
Your idea sounds fun and cool. Hope my suggestions help.