Adapting to the changing market and adjusting your business model is an essential part of surviving in the fast-paced world that is the tech industry. Sites that are giants today can quickly become irrelevant in only a few years—even worse, synonymous with that notion. Just ask Myspace or Digg. Fortunately, there are many things that these large sites can do when they have a high amount of brand equity, especially when they become a modern day legacy brand.
Out of all of the latest major relaunches, Myspace is by far the most impressive. After several changes in ownership and a few attempts at re-branding, the latest attempt seems to have done the trick. Taking a look at the trend of unique visitors (UV’s) over the past two years, you can see that not only was the site on the consistent decline, all of the other efforts to revive the site seemed to be a failure – the only success being a short four month upward trend in UV’s following the MySpace TV pivot.
Pivot baby, one more time
On June 12, 2013, MySpace relaunched once again. They ditched the News Corp version and brought the music-focused version out of beta and made it available to the public. Along with that came a $20 million advertising campaign. As with the previous attempts of re-branding, there were many doubts. Although the overall sentiment was positive for the site redesign, they received criticism for using the money to bring in high-profile artists rather than emphasizing the changes made to the site. Two months later, a one-month increase that was thought to be an anomaly is proving to be an upward trend—and many of the critics are beginning to get quiet.
Read the rest of this fine article filled with more graphs and analyses by clicking here.