Social networking sites have been recent cash cows. But is the trend slowing? MySpace had a target of $1 billion in revenue for the fiscal year. However, they will be falling way short of that goal.
The MySpace Problem
As I explained in my prior blog, MySpace has a major problem on their hands. Their web design has been subjected to harsh criticism and they deserved it. The web design is simply atrocious and very cluttered. This poor quality has led to MySpace falling short of their target revenue by about $250 million, according to the The New York Times.
Can MySpace Fix This?
Thankfully all of these voices bashing the MySpace website has caused a change. MySpace will drastically change their site design this Wednesday. They really have to improve their site and cannot afford the slightest mistake. The goal for MySpace will be to create a great new looking site that will not be too cluttered and overwhelming. At the same time they need to boost ad sales to increase their income to meet revenue forecasts. These two goals seem conflicting to me, so I wish MySpace all the luck because Facebook is growing stronger by the second.
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