Photo Courtesy of M360
Visual Diary 11 - Problematic Stake in the Ground
MySpace is another great example of a company putting a stake in the ground that ended up hurting the company. The rise of MySpace in the early 2000's was powerful, and the ability for its users to customize their pages made it a very appealing platform in an era when social media was almost unknown. The release of Facebook made it an instant competitor.
In 2005, Rupert Murdoch acquired MySpace for $580M. After this, many changes were introduced that made the interface clunky, full of ads, and less customizable - which was what users loved the most. This led to a decline in users, and as Facebook became more popular, it resulted in the end of the MySpace era.
Source: https://em360tech.com/tech-article/what-happened-to-myspace