In the nascent era of social networking, MySpace emerged as a trailblazer, quickly capturing the imagination of millions.

Founded in 2003, it was a platform where users could create personal profiles, share photos, and connect with friends. MySpace’s rapid ascent to the top of the social media world was nothing short of meteoric.

By 2005, MySpace had become the most popular social network, a title it held until 2008. It was a free service that revolutionized the way people interacted online, allowing for a new level of personal expression and social connectivity.

The platform’s customizable profiles became a digital canvas for users, reflecting their personalities and interests.

Here are some key milestones in the early days of MySpace:

• Launch of the platform in 2003
• Surpassing one million users in 2004
• Becoming the most visited website in the U.S. in 2006

MySpace’s initial success was driven by its focus on music and entertainment, which resonated with a young, vibrant user base. However, this golden period was not to last, as the social giant began to face challenges that would eventually lead to its decline.

Surpassing Competitors and Peaking in Popularity

At its zenith, MySpace was the epitome of social networking success, surpassing competitors with its unique blend of social media and music.

The platform’s peak popularity saw it not only as a hub for personal profiles but also as a launchpad for aspiring musicians and a hotspot for the entertainment industry.

The user base grew exponentially, as shown in the table below, reflecting the platform’s dominance over its rivals during this golden era:

Year	Active Users (millions)
2005	22.1
2006	72.3
2007	100.9
2008	75.9

However, this success was not to last. As new players entered the market, MySpace began to show signs of strain.

Despite its decline, there were speculations that the New MySpace might carve out a niche in the entertainment sector, hinting at a potential, albeit limited, resurgence.

The Beginning of the End

As MySpace reached its zenith, the platform began to show signs of strain. The social network’s inability to evolve with the rapidly changing digital landscape marked the start of its decline.

Users started to encounter a platform that felt stagnant amidst a sea of innovation elsewhere.

The issues were manifold, but a few stood out as particularly damaging. Here’s a brief rundown of the critical factors that signaled the beginning of the end for MySpace:

• A user interface that failed to modernize, leading to a clunky and outdated experience.
• Strategic missteps in responding to emerging social media trends.
• An over-reliance on customizability that resulted in a chaotic and often overwhelming user environment.

These elements combined to create a perfect storm of user dissatisfaction and departure. As competitors like Facebook began to rise, MySpace’s missed opportunities and poor decision-making became increasingly apparent.

The shift in focus by its executives away from user experience to short-term gains only hastened the platform’s downfall.

The Business Missteps That Spelled Disaster

Failure to Innovate and Adapt

In the fast-paced world of social media, innovation is the lifeblood of survival. MySpace’s inability to innovate and adapt to new trends was a critical factor in its decline.

As competitors introduced sleek, user-friendly interfaces, MySpace clung to its outdated design, which became increasingly unappealing to users.

The platform’s reluctance to embrace change is evident in its feature set, which remained stagnant while others were rapidly evolving. Here’s a brief comparison of MySpace’s stagnation versus the innovation of competitors at the time:

• MySpace: Continued use of complex, customizable profiles.
• Competitors: Moved towards simplified, standardized profiles.
• MySpace: Limited mobile presence and functionality.
• Competitors: Prioritized mobile app development.
• MySpace: Neglected to integrate modern social media features.
• Competitors: Introduced features like news feeds, ‘like’ buttons, and more.

This resistance to change not only alienated existing users but also failed to attract a new, younger audience. The result was a platform that felt outdated and out of touch with the social media landscape.

The Impact of Management Turmoil

The management turmoil at MySpace played a pivotal role in its decline. Internal conflicts and inconsistent leadership strategies created an environment of uncertainty. Key decisions were often delayed or mishandled, leading to a loss of strategic direction.

• Frequent leadership changes undermined the company’s stability.
• A lack of clear vision prevented MySpace from keeping up with emerging trends.
• Ineffective communication between departments exacerbated operational inefficiencies.

As competitors like Facebook and Twitter began to rise, MySpace’s inability to present a unified front became increasingly evident. The Daily Star’s retrospective on failed social platforms suggests that, much like Vine, loyal users often point to management issues as a significant factor in a platform’s downfall.

Neglecting User Experience

As MySpace grew, the platform’s user experience began to stagnate. The site’s interface became cluttered with ads and complex features, making it difficult for users to navigate and enjoy their social experience.

This neglect was a critical error, as competitors like Facebook offered cleaner, more intuitive interfaces.

The following list highlights key areas where MySpace failed to maintain a user-friendly environment:

• Overwhelming advertisement presence
• Complicated privacy settings
• Inconsistent site performance
• Ignored user feedback on site design

These missteps contributed to a user exodus, as the community sought more streamlined social platforms. MySpace’s decline in popularity can be attributed to these factors, which were exacerbated by the rise of newer platforms that understood and catered to the evolving demands of social media users.

The Technical Blunders That Drove Users Away

Outdated Design and Poor Usability

MySpace’s inability to keep up with the evolving aesthetics and functionalities of the web played a significant role in its decline.

The platform’s outdated design became a glaring issue, as it failed to meet the modern user’s expectations for a sleek and intuitive interface.

This poor user experience design negatively impacted the site’s usability and user satisfaction, leading to a mass exodus of users in search of better alternatives.

The site’s navigation was often criticized for being cluttered and confusing, with users struggling to find the features they needed. Below is a list of common complaints about MySpace’s user interface:

• Overwhelming amount of content on a single page
• Inconsistent layout across different sections
• Difficult to locate specific features or settings
• Excessive use of custom HTML and CSS by users, leading to visual chaos

These design flaws were not just minor inconveniences; they were fundamental barriers that prevented users from engaging with the platform effectively. As competitors introduced cleaner, more user-friendly designs, MySpace’s refusal to adapt sealed its fate.

Security Issues and Privacy Concerns

MySpace’s decline was further accelerated by its inability to adequately address security issues and privacy concerns. Users began to question the safety of their personal information, leading to a loss of trust in the platform.

A study titled ‘Trust and Privacy Concern Within Social Networking Sites’ highlighted MySpace’s poor reputation in this regard, suggesting that these issues were significant factors in changing user perceptions.

The platform’s privacy settings were often criticized for being overly complex and difficult to navigate. Users faced challenges in controlling who could see their profiles and personal data. The following list outlines some of the key privacy-related complaints:

• Confusing privacy settings interface
• Inadequate control over personal information
• Lack of transparency in data usage

These concerns, coupled with high-profile data breaches, made users wary of continuing to use MySpace, driving many to seek alternative platforms that offered better protection and clearer privacy policies.

The Infamous Server Overload Incident

The server overload incident marked a critical point in MySpace’s history, where the platform’s technical infrastructure could not keep up with the explosive growth in user activity.

This event not only disrupted service but also exposed deeper vulnerabilities in the system’s architecture. Users experienced frequent downtimes, slow page loads, and at times, complete inaccessibility. This was a stark contrast to the seamless experience offered by emerging competitors.

The incident was further exacerbated by the ‘P*rnspace’ malware, which capitalized on security weaknesses to compromise user profiles. The malware spread rapidly, sending unsolicited adult content and undermining the trust of the MySpace community. Below is a summary of the key issues that arose during the incident:

• Service Disruption: Prolonged and frequent outages.
• User Experience: Degradation leading to frustration and abandonment.
• Security Breach: Exploitation by the ‘P*rnspace’ malware.
• Trust Erosion: Loss of confidence among users and advertisers.

The Cultural Shifts That MySpace Missed

Ignoring the Rise of Mobile Internet

As the world increasingly shifted towards mobile internet usage, MySpace’s failure to prioritize mobile platforms became a critical misstep. The platform’s lack of a robust mobile presence meant missing out on a burgeoning user base. This oversight was particularly detrimental given the rapid adoption of smartphones and the expectation for on-the-go social connectivity.

Competitors, on the other hand, were quick to capitalize on the mobile revolution, developing apps that catered to users’ mobile experiences.

MySpace’s delay in embracing mobile technology not only cost them engagement but also signaled a disconnect with the evolving digital landscape. The table below illustrates the stark contrast in mobile internet usage over the years, highlighting the opportunity that MySpace failed to seize.

Year	Percentage of Internet Traffic from Mobile Devices
2007	0.7%
2010	2.9%
2013	15%
2016	52.99%

The question of whether the internet makes the world a better place has been explored for decades, and the rise of mobile internet was a pivotal chapter in this ongoing narrative. MySpace’s inability to adapt to this shift not only cost them their position as a social media leader but also left them out of the conversation in shaping the internet’s role in society.

Overlooking the Power of Simplicity

In the race to offer a plethora of features, MySpace overlooked a fundamental principle that would later be pivotal to the success of its competitors:

the power of simplicity. Users were overwhelmed by the cluttered interface and the complex navigation paths, which stood in stark contrast to the cleaner, more intuitive layouts of emerging platforms.

The following list highlights some of the complexities that users faced on MySpace:

• Excessive customization options leading to a lack of uniformity
• A multitude of features that were rarely used
• Confusing privacy settings and account management
• Overloaded pages with heavy multimedia content

This disregard for a streamlined user experience ultimately alienated users who began to seek out alternatives that valued ease of use and minimalistic design.

The Change in Online Social Behaviors

As the digital landscape evolved, MySpace failed to keep pace with the changing tides of online social behaviors. Users began to seek more streamlined and intuitive platforms that offered new ways to connect and share.

This shift was marked by a preference for mobile-friendly interfaces, real-time updates, and multimedia sharing capabilities.

The table below illustrates the decline in active users on MySpace as other platforms rose to prominence:

Year	MySpace Active Users	Competing Platforms Users
2008	75.9 Million	–
2009	70.3 Million	–
2010	63.2 Million	–
2011	54.3 Million	–

This downward trend was a clear indicator of MySpace’s inability to adapt to the new norms of digital interaction. The platform’s stagnation in innovation left it vulnerable to competitors who were quick to capitalize on these emerging social media trends.

The Competitors That Outshone MySpace

The Emergence of Facebook

As MySpace was enjoying its position at the pinnacle of social networking, a new contender was quietly emerging. Facebook’s introduction in 2004 marked the beginning of a significant shift in the social media landscape.

Unlike MySpace, Facebook focused on creating a more uniform and user-friendly interface, which appealed to a broader audience.

The platform’s growth was exponential, and it quickly began to outpace MySpace in terms of user engagement and time spent on the site. Facebook’s strategy revolved around connecting people with their real-life friends and family, which contrasted with MySpace’s emphasis on self-expression and networking with strangers.

This approach resonated with users, leading to a loyal and rapidly expanding user base.

Here’s a quick comparison of the two platforms during their peak years:

Year	MySpace Users (millions)	Facebook Users (millions)
2006	100	12
2007	200	50
2008	200	100
2009	125	300

The table illustrates how Facebook’s numbers soared while MySpace’s user base began to stagnate and eventually decline. The stark contrast in growth trajectories was a clear indicator of the changing preferences of social media users.

Twitter and the Real-time Information Trend

As MySpace struggled to maintain its relevance, Twitter emerged as a formidable force by capitalizing on the real-time information trend. Twitter’s real-time feed became a defining feature that attracted users who craved instant updates and engagement.

Unlike MySpace, which was built around personal profiles and networks, Twitter focused on the here and now, with a platform designed for quick sharing and consumption of information.

The simplicity of Twitter’s 140-character limit contrasted sharply with MySpace’s often cluttered pages. This ease of use and the rapid dissemination of content made Twitter not just a social platform, but also a critical tool for news, entertainment, and public discourse.

As a result, MySpace’s user base began to erode as people flocked to Twitter for its immediacy and relevance to current events.

While MySpace was losing ground, Twitter’s growth was reflected in its user statistics. Here’s a snapshot of Twitter’s rise in comparison to MySpace’s decline:

Year	MySpace Active Users (millions)	Twitter Active Users (millions)
2008	75.9	6
2009	70.2	18
2010	63	54
2011	54.3	117

The table illustrates the shifting landscape of social media, where Twitter’s ascendancy marked a significant turning point in MySpace’s downfall.

The platform’s inability to adapt to the user growth trend and the changing preferences of the online community sealed its fate in the competitive social media market.

The Advent of Instagram and Visual Platforms

As MySpace struggled to maintain its relevance, a new contender emerged that would further redefine the social media landscape: Instagram.

Instagram’s focus on visual content and mobile-first design resonated with a younger, more tech-savvy audience, leading to rapid growth and widespread adoption.

The platform’s simplicity and emphasis on photography and aesthetics stood in stark contrast to MySpace’s cluttered interface. Users flocked to Instagram for its user-friendly experience and the ability to instantly share moments through pictures and short videos.

Here’s a brief comparison of user growth within the first two years of launch:

Platform	Launch Year	Users after 2 Years
MySpace	2003	1 million
Instagram	2010	30 million

Instagram’s ascent marked a pivotal moment in social media, as it highlighted the importance of embracing new trends and technologies. MySpace’s failure to adapt to the visual and mobile revolution ultimately contributed to its decline, as users migrated to platforms that better suited their evolving preferences.

The Marketing Fiascos and Branding Errors

Misguided Advertising Strategies

MySpace’s approach to advertising was a far cry from the targeted and engaging strategies we see today. The platform’s heavy reliance on intrusive ads alienated users, who were increasingly seeking cleaner, more streamlined experiences online.

Advertisements were not only pervasive but often irrelevant, leading to a poor user experience and diminishing the site’s appeal.

The advertising missteps can be summarized as follows:

• Lack of targeted advertising, resulting in irrelevant content
• Overuse of banner ads that cluttered the user interface
• Failure to leverage user data for personalized marketing
• Ignoring the emerging trend of native advertising that blends with content

These strategies contrasted sharply with the subtler, more integrated approaches adopted by emerging competitors, which ultimately contributed to MySpace’s decline in user engagement and its eventual downfall.

Losing the Trust of the Music Community

MySpace was once the go-to platform for emerging artists and bands, providing a space to share music and connect with fans. However, a series of missteps led to a loss of trust within the music community.

The platform’s failure to provide adequate support and resources for promotion was a significant factor. Promoting music can be expensive, and many independent artists, who were the backbone of MySpace’s music scene, struggled with limited resources.

The neglect of the music community’s needs became apparent as competitors offered more sophisticated tools and better opportunities for exposure.

MySpace’s inability to evolve its music features in a rapidly changing digital landscape meant that artists began to look elsewhere to cultivate their presence and reach their audience.

This shift marked a critical turning point, as music had been a defining element of MySpace’s identity and appeal.

The Rebranding Attempts That Failed

In a desperate bid to reclaim its throne in the social media landscape, MySpace embarked on a series of rebranding efforts. These attempts, however, were met with confusion and indifference from its user base.

The platform’s identity crisis was evident as it oscillated between a social network and a music hub, failing to secure a definitive position in either space.

The rebranding strategies included a complete overhaul of the user interface, introduction of new features, and partnerships with celebrities and musicians.

Despite these efforts, the core issues of declining user engagement and competition from emerging platforms remained unaddressed. Here’s a brief timeline of the rebranding milestones:

• 2008: Introduction of MySpace Music, aiming to become a primary music destination.
• 2010: A major site redesign to simplify the user experience.
• 2011: Launch of MySpace TV, an attempt to enter the video streaming market.
• 2012: Another redesign, this time with a focus on the mobile experience.

Each of these initiatives failed to resonate with users, who by then had migrated to more modern and user-friendly platforms.

The rebranding attempts not only consumed significant financial resources but also diluted the brand’s identity, leaving MySpace without a clear direction or purpose.

The Insider Stories of MySpace’s Decline

Employee Perspectives on the Downfall

As MySpace began to crumble, the voices of those within the company painted a picture of internal chaos. Employees witnessed firsthand the consequences of the rising competition and the inability to innovate at a pace that matched their rivals.

The mismanagement of resources became a common grievance, with many feeling that the leadership failed to allocate funds effectively, leading to a lack of necessary investment in key areas.

A recurring theme among staff was the sense of frustration over the inability to raise further funds. This was crucial for the platform’s survival, yet it seemed an insurmountable challenge as investors lost confidence.

The following list encapsulates the core issues that employees frequently highlighted:

• Inadequate response to competitive threats
• Poor financial management and allocation
• Insufficient investment in platform innovation
• Challenges in securing additional funding

These factors contributed to a demoralized workforce, which only exacerbated the platform’s struggles. The insights from those on the inside provide a valuable lesson for other social media startups on the importance of agility, clear vision, and strong leadership.

Leadership Conflicts and Power Struggles

The internal dynamics within MySpace’s leadership team played a significant role in the platform’s decline. Power struggles and conflicting visions for the company’s future created an environment of uncertainty and inconsistency.

Key figures within the organization were often at odds, leading to a lack of coherent strategy and a series of misaligned decisions.

The impact of these leadership conflicts was felt throughout the company. Employees faced a constantly shifting landscape, where priorities would change with little notice, and long-term planning was difficult.

This turmoil not only affected staff morale but also hindered MySpace’s ability to respond to the rapidly evolving social media market.

A Change.org petition titled ‘Bring the OLD Myspace back‘ reflects a sentiment shared by many users who felt alienated by the platform’s changes, which were, in part, a result of the chaotic leadership.

The petition highlights a longing for the original MySpace experience, suggesting that the leadership’s failure to preserve the core aspects of the platform that users loved was a critical error.

The Deals and Decisions That Backfired

In the quest for growth and dominance, MySpace made several strategic decisions that ultimately contributed to its downfall.

Key partnerships and acquisitions that seemed promising on paper failed to materialize into the successes that were anticipated.

For instance, the acquisition of certain companies aimed at integrating new features led to a bloated and incoherent platform rather than a streamlined user experience.

The table below outlines some of the notable deals that did not pan out as expected:

Year	Deal	Expected Outcome	Actual Result
2005	Intermix Media Acquisition	Expansion of services	Integration issues
2006	Celebrity Endorsements	Increased user engagement	Brand image dilution
2007	Attempted Music Platform Revamp	Reclaiming music community	Failed to compete with emerging platforms

Moreover, internal decisions regarding platform policy and management had lasting negative impacts. The absence of effective regulations led to a bad reputation due to cases of inappropriate content exposure, cyberbullying, and harassment.

This tarnished MySpace’s image and drove away users who sought safer online environments.

The Economic Forces That Compounded the Collapse

The Great Recession’s Impact on Social Media

The Great Recession, which began in 2007, had a profound effect on businesses across the globe, and social media platforms like MySpace were not immune.

The economic downturn led to a significant reduction in advertising revenue, a primary source of income for MySpace, as companies slashed marketing budgets in response to the financial crisis.

During this period, MySpace faced a double-edged sword: the need to cut costs while also trying to innovate to stay relevant against rising competitors.

This led to a series of cost-cutting measures that ultimately impacted the platform’s ability to compete.

• Reduction in workforce to lower operational costs
• Scaling back on new feature development
• Delaying necessary infrastructure upgrades

The recession also influenced user behavior, with people spending more time online looking for cost-free entertainment and networking opportunities. However, MySpace failed to capitalize on this trend, further accelerating its decline.

Investor Pressure and Financial Mismanagement

As MySpace struggled to maintain its position in the social media landscape, investor pressure mounted, demanding rapid growth and profitability. This urgency led to a series of financial missteps that further destabilized the company.

MySpace’s management, in an attempt to appease investors, made high-stakes bets that did not pay off, resulting in significant financial losses.

The company’s financial woes were compounded by a lack of fiscal discipline. Expenditures on projects that failed to yield returns, coupled with an expensive workforce, drained MySpace’s coffers.

The following list highlights some of the key areas where financial mismanagement took its toll:

• Excessive spending on unproven initiatives
• High salaries and bonuses despite declining revenues
• Poor budgeting and forecasting
• Inadequate investment in critical infrastructure

These missteps not only alienated investors but also left the company vulnerable to the rapidly evolving social media market, where competitors were more adept at managing their finances and capitalizing on new opportunities.

The Cost of Losing to Competition

The power of network effects in market dominance cannot be overstated, and MySpace’s inability to maintain its user base in the face of surging competitors like Facebook marked the beginning of its decline.

As users flocked to rival platforms, the value of MySpace’s network diminished, leading to a vicious cycle of user attrition and declining appeal.

The financial repercussions of losing to competition were significant. MySpace faced a steep drop in advertising revenue, which had been the cornerstone of its business model.

The following table illustrates the stark contrast in user engagement between MySpace and its competitors over a critical period:

Year	MySpace Monthly Active Users	Competitor Monthly Active Users
2008	75.9 million	100 million
2009	70.2 million	300 million
2010	63 million	500 million

This table highlights the rapid growth of competitors in comparison to MySpace’s stagnating, and then declining, user base. The cost of this competition was not just in lost users, but also in the missed opportunities for innovation and the inability to attract new investment.

The Final Days of MySpace and Its Legacy

The Attempt to Pivot and the Ultimate Sale

In a last-ditch effort to remain relevant, MySpace attempted to pivot its platform, focusing on music and entertainment. However, the shift in strategy was too little, too late.

The user base continued to dwindle as the site struggled to compete with the more agile and innovative newcomers. By 2011, MySpace was waving the ‘for sale’ flag, a shadow of its former self.

The sale of MySpace was a clear indicator of its precipitous fall from grace. Specifics of the deal revealed the extent of the decline:

• Original purchase price by News Corp in 2005: $580 million
• Sale price to Specific Media Group and Justin Timberlake in 2011: $35 million

This staggering loss highlighted the platform’s inability to adapt to the rapidly changing social media landscape. The new owners aimed to rebrand and revitalize MySpace, but the cultural zeitgeist had moved on, and with it, the users.

What Remains of MySpace Today

In the aftermath of its decline, MySpace still clings to a shadow of its former self. The platform has pivoted away from its social networking roots, focusing instead on music and entertainment.

MySpace now serves as a repository for music and a platform for artists, albeit with a much smaller user base.

The remnants of MySpace are evident in its current offerings, which cater to a niche audience. Here’s a glimpse into what MySpace provides today:

• A platform for artists to share their music
• A collection of digital music and entertainment content
• Social features that remain, albeit less prominent

Despite its reduced presence, MySpace’s influence on the social media landscape is undeniable. It laid the groundwork for many features that are now standard in social networking, and its lessons continue to inform the design and operation of current platforms.

Lessons Learned for Future Platforms

The tale of MySpace serves as a cautionary saga for emerging social platforms. Adaptability and user-centric design are paramount in an industry ruled by rapid innovation and shifting user preferences.

The big social-media platforms have become the digital world’s vital shipping lanes, ensuring that various forms of content reach their intended targets.

Key takeaways for future platforms include:

• Embracing change and technological advancements
• Prioritizing security and user privacy
• Maintaining a clean, intuitive user interface
• Fostering a strong community and supporting niche markets

These principles are not just theoretical; they are the bedrock of sustained relevance in the social media landscape.

As the New Yorker aptly puts it, social media platforms are akin to shipping lanes of the digital world, a metaphor that underscores the importance of delivering content effectively.

The downfall of MySpace underscores the need for platforms to remain vigilant and proactive in an ever-evolving digital ecosystem.

Conclusion

In retrospect, MySpace’s downfall was a complex tapestry woven from various missteps and market shifts.

While it’s easy to point fingers at specific events or decisions, the reality is that a combination of factors, including intense competition, failure to innovate, and a loss of user trust, contributed to its decline.

MySpace’s story serves as a cautionary tale for tech giants and startups alike, reminding us that staying relevant in the fast-paced world of social media requires constant adaptation and a keen ear to the ground.

As we’ve seen, even the most popular platforms are not immune to collapse if they fail to evolve with their user base and the ever-changing digital landscape.

Frequently Asked Questions

What was MySpace’s peak period of popularity?

MySpace’s peak was between 2005 and 2008 when it was the largest social networking site globally and surpassed Google as the most visited website in the United States.

How did management turmoil contribute to MySpace’s downfall?

Management turmoil, including frequent leadership changes and internal conflicts, led to a lack of consistent vision and strategy, ultimately hindering MySpace’s ability to compete and innovate.

What were some of the key technical issues that affected MySpace users?

MySpace users frequently encountered an outdated design, poor usability, security vulnerabilities, and a notorious incident where server overload caused significant site downtime.

In what ways did MySpace miss the cultural shift in social media?

MySpace failed to recognize the importance of mobile internet, the appeal of simpler social platforms, and the changing patterns of online social interactions, which contributed to its decline.

Which competitors ultimately outperformed MySpace?

Facebook emerged as a major competitor with its cleaner interface and user-friendly features, while Twitter capitalized on the real-time information trend, and Instagram appealed to users with its visual focus.

What were some of the marketing and branding errors made by MySpace?

MySpace made several missteps with advertising strategies that didn’t resonate with users, lost the trust of the influential music community, and failed to rebrand effectively in the face of declining popularity.

What insider perspectives are there on MySpace’s decline?

Former employees and insiders report that power struggles among leadership and poor decision-making on deals and acquisitions played a significant role in MySpace’s decline.

How did economic factors contribute to the collapse of MySpace?

The Great Recession impacted advertising revenues and user engagement, while investor pressure and financial mismanagement exacerbated MySpace’s inability to compete with rising social media platforms.