ADOTAS – While eMarketer had some pretty sweet stats for Facebook in terms of revenue, the outlook ain’t so bright for former social networking heavyweight MySpace: worldwide ad spend is expected to drop from $470 million in 2009 to $347 million in 2010 and then fall below $300 million in 2011. That’s a 37% slide over a two-year period.
The cards have not been looking favorable for the social network, as the man who would save MySpace — former CEO and Facebook vet Owen Van Natta — was canned in February less than six months into his tenure, and then one of the replacement “co-presidents” — Jason Hirschorn, who reportedly was the biggest thorn in Van Natta’s side — stepped down a few months later. In addition, loose talk about charging a subscription fee for streaming music was met with groans over the social mediascape.
While swatting down the music subscription rumors, News Corp. Digital Chief Jonathan Miller reiterated that MySpace would be having an imminent site relaunch, something that feels like it’s been promised for decades now. But the rehaul is real enough that the social network is embarking on its first major branding campaign ever. Agency Pereira & O’Dell apparently beat out three other agencies bidding on the business — I’m shocked so many agencies were trying to save the beached whale.
As for the site redesign itself — well, New York magazine makes the very astute observation that what we’ve seen so far looks quite familiar… Possibly a face(book) we’ve run into in the past.