Fox doesn’t understand how to monetize MySpace, the internet’s largest website. It’s pretty simple to me why they don’t have a clue. Because they are stuck in the mindset of “The Old Internet”, while the MySpacers are living in the Next Internet, and collective communalism.
Monetizing MySpace shouldn’t be hard — you merely have to think outside the box. You have the world’s largest sitting duck community and you can surely leverage them in some cool ways. You have boatloads of cash, and you have a huge multimedia empire. So let’s help Fox connect the dots before Facebook gets bought out by MTV and they figure this out first.
You might be wondering at this point what ‘monetizing’ MySpace has to do with PR. It’s really very simple. Over the last few months all anyone has been doing is bashing MySpace saying its a zone for sexual predators, and everything else under the sun. So its time for some bait and switch.
MySpace is a brand that is bigger than Fox. And its collective power is much larger than any television network. I’m being bold here when I say this. But why isn’t Fox connecting the dots. The dots are all lining up in my head. There is a pretty cool show every year that gets a lot of attention. It’s called American Idol. The marriage of these two products would send MySpace’s opportunities over the edge. In between American Idol Seasons, start something called MySpaceIdol, an online version of American Idol. Have it all hosted online, on the MySpace Site. Competitions, commentary everything. All on MySpace. Votes are done online on MySpace profiles. Find underdeveloped bands, and have them duel it out. Profile it on the the front page of MySpace, and sell advertising, or cross promote in the videos.
Best yet the top two winners get an automatic bid to next season’s American Idol. Simple sweet and effective. MySpace promotes American Idol. American Idol Promotes MySpace. People forget about the “sexual predators” and reflect on the ability for a democratic forum to “make it big”. Heck you could even have a competition for American Idol Judges. I wouldn’t mind bumping a few of them.
Either way this “monetization” wouldn’t probaby be hugely profitable but it would make a lot of people forget about the negatives of MySpace, and start focusing on the competition. Companies would also love to get a shot at advertising and it could potentially propel the next generation of online video advertising. Which Fox could own if they did this right.
That’s where they would really make MySpace pay off. Because until then I think Ben is right. Social Networks aren’t worth 2 Billion Dollars but I’m thinking it’d be easier to sell Disney T-Shirts in Tijuana than monetize MySpace