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July 18, 2005
MySpace -> News Corp.
I’ve been waiting for a mega-media company to buy MySpace and sure enough, it happened. News Corp bought Intermix Media (the half-parent of MySpace). Unlike the other YASNS, the value of MySpace comes from the data on media trends that is the core of what people share on that service. You have millions of American youth identifying with media and expressing their cultural values on the site. Marketers who want to understand the constantly shifting youth trends are often looking for a perch from which to be the ideal voyeur. And with MySpace, they found it. Here, youth are sharing media left right and center and forgetting that they are doing so under the watchful eye of Big Media who are certain to use this to manipulate them. Because youth believe that MySpace is a social tool for them, they are not conscious of how much data they’re giving to marketers about their habits.
Really, it’s a brilliant move for News Corp. (assuming they can stay out of the courts and that the RIAA is nice to them). I’m just not so certain how good it is for youth culture.
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