MySpaceTV - A Good Idea Falls Short
Wednesday, June 27th, 2007The new video site MySpace plans to roll out tomorrow is a step in the right direction after months of losing ground to Facebook. Myspace is the second ranked online video portal despite lacking most of the web 2.0 features of YouTube, and opening up a video-centric site building upon the large user base of Myspace is a great idea.
That said, there is one area in which the idea falls short, the focus on professional content. MySpace success so far has been as a user generated content site and they should stay with their core competency. From The Times article today:
With MySpace TV, that professional material will be front and center, said Chris DeWolfe, MySpace’s co-founder and chief executive. “We haven’t really freshened up our video offering since we launched it,” Mr. DeWolfe said. “We wanted to highlight the fact that we have a video destination on the Web with all this great content that we’ve acquired.”

Above: YouTube (blue) vs. MySpace (brown) Reach over time. The best metric of video site popularity is search market share (below)
Also of note: YouTube controls 50% of all online video traffic (below)
Courtesy: Leann Prescott & Hitwise.
Videos on MySpace are posted to represent individuals and their friends. Profile viewing us a UGC experience, and MySpace has an opportunity to capitalize by creating a content hub for these user-generated videos. The professional content if it’s there should come from NewsCorp properties - and they have plenty of online destinations for that - not from additional acquired content like Sony Minisodes.
YouTube, has become a modern entertainment network, with a much broader range of content than MySpace, and more issues than a traditional network. MySpace should stick with what it’s good at - create a place where people can go to see their friends, and as video grows MySpace can facilitate and monetize their use of that medium.


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