Pre Murdoch I heard about MySpace every week if not day in one way or another. Since Murdoch bought it, the military has banned its use by soldiers and Facebook has arrived as the latest ‘thing’ in social media. This makes we wonder about a couple of things:
1) Are social media sites a bit like search engines were back in the old days – destined to be superseded until somebody invents the Google equivalent?
2) Will Murdoch’s acquisition of the WSJ be a good thing? The apparent disappearance of MySpace is of course a PR problem. MySpace is still huge and getting bigger by all counts. It simply doesn’t get the buzz that Facebook currently enjoys. While I’d argue that Murdoch still doesn’t seem to know what do to with MySpace, it would be hard to argue that he’ll have the same challenge with the WSJ. He understands the newspaper business and will presumably leave the news side of the publication well alone. He may well change the right wing tone of the editorials but even that is debatable. He does have a challenge on his hands though. He has bought a publication, that like most other newspapers, is losing readers on a daily basis. Sure, they are acquiring some online readers but the overall picture isn’t a good one. At a certain level he will be forced to make some changes at some point, if only to make sure he can continue to generate reasonable returns. I guess the question is how long will he wait before he acts and how will he go about it?