MySpace Music Is Burning Money, Possible Subcription Service In The Works
Before the end of the year, MySpace Music, having "underachieved" with regard to revenue goals, is considering launching paid subscription service. Sources say they are in need of moving to a paid model because the venture is burning through piles of money each month. Courtney Holt, President of MySpace Music, went on record saying that they have no plans to change their current service which includes streaming free music, but conceded that they are "always exploring new monetization opportunities."
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If that happens, I know a good tombstone maker.
It’s is shocking to me that Myspace has squandered the one thing they initially did very well, Music. With a few small tweaks they could have leveraged the best of that content and their relationships with say… I don’t kown… FOX to turn the access to over 9MM bands into a power house of an indie music publisher. Aiming to go the subscription route and compete with established players like Spotify, eMusic etc is not a likely path to success. Still, I wish them the best. That’s a lot of music to squander.
Here’s an example of a company that DROPPED THE BALL.
They were an industry standard. There was so much they could’ve done.
Sort of tragic although this forced artists go get off their ass and use other channels sans MySpace.
This says it’s about “MySpace Music” not Myspace in general. MySpace actually still has deeper page views than Facebook according to Alexa last time I checked & the last article on average number of fans on Facebook music pages had it just barely in the double digits (though maybe this has changed since I’ve seen a few Facebook robots for sale in the past few weeks). While MySpace isn’t the second most popular site on the internet anymore, it’s not down to being Friendster either.
I can’t believe she had the nerve to say they’re “always exploring new monetization opportunities” and then come out with paid subscriptions. Wait, WHAT?!? Time to go back to the drawing board. You’d think by now Rupert Murdoch’s News Corps would have tried to salvage their horrible investment and found a real innovator to turn their screw-up around.
Stop already with subscriptions. People last about three months subscribing to something, and that includes the free month you need to throw in.
Its a great idea to make bands pay to use Myspace, bands like mine that are actually good musically and use myspace as a tool for us and fans and not a spam site. Making artists pay would save them as well cutting out on bandwidth from people using it to spam or people making tons of fake accounts. This would be a great oppurtunity for both Musicians and Myspace.