Perhaps it's no surprise half of "MySpace" went missing in the company logo's recent redesign (the word Space was replaced by a space -- get it?). At the LeWeb conference in Paris Wednesday, MySpace CEO Mike Jones seemed to give up on the potential of MySpace as a music service. The site has remained a destination for music fans, even as it conceded its social networking side to Facebook. Yet Jones does not seem poised to capitalize on the customers he still has.
"My goal is, you come to MySpace, you listen to some new bands and connect to those bands," Jones told audience members. "I don't want to be the place that replaces iTunes. I want to be the place where you learn about music and then take that to wherever your music consumption happens."
Why would MySpace want to sacrifice this potential revenue generator? Imagine if Amazon CEO Jeff Bezos said he wanted Amazon.com to be the place consumers discover products--before heading to eBay or Barnes & Noble to purchase them. Or Netflix chief Reed Hastings suggesting his service might be better used to discover new TV shows, while apathetically understanding why Hulu might be a better place to view and pay for them.
After all, why wouldn't Jones want MySpace to replace iTunes? Apple earns billions from selling music--it would seem odd that MySpace wouldn't want a cut of that pie, especially given how unsuccessful Ping (Apple's own music-based social network) has been so far.
Perhaps its this lack of vision that has caused MySpace's user base, much like its logo, to start to disappear.