If you were surprised that MySpace was still around, you would not be alone. Many of the users that supported the popular social media site in its heyday are well beyond their teen years. (and probably Facebook users).
The site that was essentially a predecessor to Facebook, Instagram, SnapChat and WhatsApp, was recently sold to Time Inc. The company that publishes magazines such as Sports Illustrated, People, and of course, Time was recently spun off from Time-Warner in 2014, but the match between MySpace and Time Inc. still could be beneficial because of the social media reach MySpace still has.
The site still is well known for playing music videos and songs, but its draw to Time Inc is likely its ability to provide marketers access to more than 1.2 billion users. MySpace’s data files can provide valuable information on critical demographics such as age, geographic location and gender; factors that are essential for properly executing online marketing campaigns.
MySpace peaked as a social media venue in 2008, when it had nearly 76 million visitors. It was sold to News Corp Inc., but in 2011 it was sold again to pop sensation Justin Timberlake and digital advertising company Specific Media for a fraction of what News Corp paid for it.
The flurry of sales in the last few years exemplify the need for experienced legal counsel in facilitating transactions. While the terms and price of the MySpace sale were not disclosed, it is safe to assume that sage advice of a skilled attorney played a vital role.