MySpace is a breeding ground for many different types of relationships and self promotion, however until now the social network has never allowed member to member commerce, arguing that this will interfere with the site’s own advertising.
The idea to lift this ban has finally come to fruition with talks of allowing bands and other member to sell merchandise on their MySpace pages. That is as soon as the company figures out how to monetize on these future transactions. Already News Corp. profits from a percentage of the sales of music on band sites, however Rupert Murdoch is looking to increase this profit and sees member-generated commerce as a solution.
Rules on commerce have been difficult to monitor with many pages advertising sites that will allow users to buy albums and various other paraphernalia. With the lift of a ban there also stands to be a great increase in profit with a projected $1 billion in sales, leveling out to $200 million in profit for the company should they devise a smart shared profit structure.
There have been discussions with Google about plans to create and monetize on the new concept, however nothing official has been put into motion.