MySpace

Guide Note:Social networking Website MySpace provides users with the opportunity to create, free of charge, a unique on line profile through which they can communicate with friends, watch videos, listen to music, blog, and shop. Unlike many other social media sites, MySpace allows, and even encourages, budding musicians, filmmakers and artists to promote themselves and their products on its site.

MySpace operates solely on advertising revenues, and through the use of its own site and affiliated advertising networks, it uses the information on users' profiles to target them with advertising specific to their interests.

Originally founded by entrepreneurs Tom Anderson and Chris DeWolfe, MySpace was sold to News Corp. in 2005 for US $580 billion. Since News Corp. took over, MySpace has refused to disclose its annual revenues or profits separately of the parent company.

MySpace has been at the center of various controversies, such as when it was discovered in July of 2007 that over 29,000 registered sex offenders had profiles on the website, through which, it was argued, they could target potential victims. MySpace subsequently removed the profiles and implemented procedures to protect underage users.

Another unfortunate incident occurred when depressed teen Megan Meier committed suicide after becoming the brunt of MySpace cyber bullying in November of 2007.

Fast Facts:

Founded: November 2003
100 millionth account created on August 9, 2006
Headquarters: Beverly Hills, California
Employs about 300 people
Alexa ranking: #5

Quotes:

"We don’t waste time on things. We didn’t sit down and write up this big plan and spreadsheets and try to force that imagined plan. We’ve been quick and nimble on our feet. I was working from common sense."—Tom Anderson, MySpace President
"News Corp. isn't breaking out our revenue and profits. But I can tell you that we are number three in number of ads served on the Internet, which comes to 12% of all ads in the US on the Internet."— Chris DeWolfe, MySpace CEO