“It's certainly nice to make money off of it and become financially successful,” says DeWolfe, “but really the fun of it was to build the site and that continues to be the fun of it.” Anderson echoes the sentiment: “I’d like to do this as long as it’s fun, and that could be a long, long time.” They started off as two men who shared nothing but a love of indie music, a distaste for authority, and a simple idea for a website. So, how did these fast friends find themselves not only in the pages of Fortune magazine but also at the forefront of an Internet revolution?
Niche: Anderson and DeWolfe never wanted their site to be about one-upping others in terms of its technological capabilities. They did not want a site that wowed its visitors. They just wanted to create a fun space that was as random and as varied as the people that created them. They wanted to give people an easy way to express themselves and connect with their friends. And so, from day one, they knew who it was they had to target.
Philosophy: “A lot of the early growth,” says Anderson, “had to do with the features and what our competitors were not allowing people to do.” Since its inception, MySpace embraced a user-oriented philosophy. From allowing bands and companies to register, to letting users create and style their own profile pages, the duo remained true to their core vision and their core customers.
Localization: Upon a quick glance, there may appear to be little different between the German version of MySpace versus the American one, save the language of course. But rest assured, Anderson and DeWolfe are working hard to ensure that each of the global versions of their site is tailored for each specific market. From promoting local bands to adding new applications, the pair believes in the importance of localizing their product.
Marketing: Entrepreneurs who have spent thousands of dollars on promotions will cringe at the idea that MySpace grew to become the monster it is today without spending a cent on marketing. Cringe or not, however, it is true. By looking at alternative means of promotion, such as holding a contest to see how many of its employees could sign up the most new MySpace users, Anderson and DeWolfe proved that it does not cost millions to bring in millions.
Discipline: “Once you choose your product road map,” says DeWolfe, “then it becomes very important to focus on the top three to four initiatives and get those things done.” In the company’s early days, raising capital was difficult. Investors would call and complain that there was no money to be made in poorly-designed user-generated content. But Anderson and DeWolfe insisted on building an open site and made saying no to their “advisors” a regular affair.
In 2005, Rupert Murdoch’s News Corp bought out MySpace for $580 million. Anderson and DeWolfe, however, continue to play an integral part in the company, as president and CEO, respectively. “As long as it’s still fun to be here we are going to continue our work,” says Anderson. “For me it feels like the opportunity has just begun; it’s definitely not ending.”
Like this article? Share it with your friends
 |
Related Articles |
|
 Using MySpace To Promote Your Business
|
| |
While the MySpace social networking website is predominantly seen as being a music related site, it can be used for much more. Integrated into your online marketing mix, and treated properly, it can form a good bas...
|
|
MySpace Mavericks: How Two Friends Found Their Fortune
|
| |
 “It's certainly nice to make money off of it and become financially successful,” says DeWolfe, “but really the fun of it was to build the site and that continues to be the fun of it.” Anderson echoes the sentiment: ...
|
|
Lesson #3: Localize Your Content For The Global Market
|
| |
“We’re never arrogant, we're always looking at the competition,” says DeWolfe. “But they have not been successful for a couple of reasons. The intent to socialize on a site like Yahoo! isn't really there because the...
|
|
Lesson #1: Be Clear About Who Your Company Caters To
|
| |
“We started the company around the time that a lot of other social networking companies were starting up,” recalls DeWolfe. “But we saw that a lot of those companies had a very niche focus. We set out to create this...
|
|
5 Green Social Networks You Should Join Today
|
| |
Have you jumped on the green web 2.0 bandwagon, yet? There are numerous social media sites that are aimed at socially aware individuals and some geared towards green businesses. Let’s take a look at some of the ones...
|
|
|
Chris De Wolfe Tom Anderson Newsletter
Get our free newsletter to learn more about Chris De Wolfe Tom Anderson and other famous entrepreneurs!
|
|
|
