Online Real Estate Technology

News Corp. has sold Myspace for a fraction of its purchase price, bringing the curtain down on Rupert Murdoch’s tie-up with a one-time social networking star that ended up being eclipsed by Facebook.

Myspace, which was bought by News Corp. in 2005 for $580 million, was bought by Specific Media, a digital ad-targeting platform, which said financial terms were confidential.

The News Corp.-owned technology blog All Things Digital put the purchase price at $35 million, however, and said the deal includes slashing about half of Myspace’s staff of between 400 and 500 people.

“Myspace is a recognized leader that has pioneered the social media space,” Tim Vanderhook, chief executive of Irvine, California-based Specific Media said in a statement.

“The company has transformed the ways in which audiences discover, consume and engage with content online,” Vanderhook said. “We look forward to combining our platforms to drive the next generation of digital innovation.”

Vanderhook said News. Corp. would take a minority equity stake in Specific Media as part of the deal. According to All Things Digital, News Corp. will retain a five to 10 percent stake in Myspace.

Myspace, which was launched in 2003, was the leading social networking site on the Internet when it was bought by News Corp. six years ago but it has been losing members to Facebook for years.

According to tracking firm comScore, Myspace had 21.8 million unique monthly US visitors in August 2005 to Facebook’s 8.3 million.

Facebook surpassed Myspace in the number of US visitors in May 2009 and has just kept adding users since then while Myspace’s membership eroded, according to comScore.

In May, Facebook had 157.2 million unique monthly US visitors compared to Myspace’s 34.9 million, comScore said. Facebook, which was launched in 2004, has nearly 700 million members worldwide.

Myspace chief executive Mike Jones, in a memo to company employees obtained by Silicon Valley technology blogs, said he would leave Myspace in two months after helping Specific Media with the transition.

“While I regret we won’t be working together at Myspace any longer, I am very proud of the work we have done here and believe we have performed with excellence — even under extremely difficult circumstances,” Jones said.

Myspace has gone through a series of layoffs, chief executives and makeovers in recent years as News Corp. sought to cut losses at the site and reverse the decline in membership.

As its popularity waned, Myspace has been seeking to reinvent itself recently as a destination for music fans.

Lee Brenner, a former Myspace employee, said Wednesday in a blog post that Myspace’s slide was probably the result of a number of factors.

“I’m sure most employees (former or current) will argue that it was poor management, or a need to hit revenue targets once News Corp. took over, or a bottleneck in the technology department, or lack of resources given to their division, or a poor public relations effort, etc., that set the course of MySpace’s downfall,” Brenner said.

“It is most likely a combination of these factors, along with a ‘low attention span’ public,” said Brenner, writing at a site he co-founded called Hypervocal.

“It probably didn’t help to be doing business, and trying to grow, along with all of these issues, in the midst of a global economic crisis,” said Brenner, who was Myspace’s executive producer of political programming from 2007 to 2009.

News Corp. chief operating officer Chase Carey put Myspace on notice in November saying the losses at the social network were “unsustainable” and the news and entertainment giant formally put Myspace up for sale in January.

News Corp. was reportedly seeking $100 million for the site.

According to the News Corp.-owned Wall Street Journal there were two leading bidders for Myspace — Specific Media, the eventual buyer, and private equity firm Golden Gate Capital.

News Corp. does not break out results for Myspace in its earnings but the “other” segment, which includes the social network, reported a second quarter operating loss of $156 million, $31 million wider than a year earlier.

News Corp. shares gained 1.25 percent on Wall Street on Wednesday to close at $17.39.

Source: AFP

View the original article here

MySpace plans to slash its workforce by nearly half amid reports that owner News Corp. is preparing to sell the money-losing social network.

MySpace chief executive Mike Jones said Tuesday that the site was starting a “significant organizational restructuring” that would result in a 47% reduction in staff, or about 500 employees. The company employs 1,100 people worldwide.

MySpace says the layoffs are the result of the site’s recent switch from a social network focused around communications between people to an entertainment site for young adults who enjoy discussing and sharing music and video from their favorite artists. A redesigned MySpace was launched last October.

“The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side,” Jones says.

MySpace claims it has seen an uptick in new and returning users since the redesign, saying more than 3.3 million new profiles have been created. The site also says it has seen a 4% increase in mobile users, which total more than 22 million.

Nevertheless, MySpace’s financial performance hasn’t been good. The News Corp. division responsible for MySpace reported an operating loss of $156 million in the quarter ended last Sept. 30, mainly due to losses from the site. Chase Carey, chief operating officer for MySpace, told analysts in October that the site’s losses were not “acceptable or sustainable.”

“Our current management did not create these losses, but they know we have to address them. We judge in quarters, not in years,” Carey said.

News Corp. bought MySpace in 2005 for $580 million, while Facebook was just a fast-growing upstart. Today, MySpace has about a third of the number of monthly visitor as Facebook, according to ComScore.

Story by By Antone Gonsalves ,  InformationWeek

View the original article here

Effective Blog posts ahead

Every day I can guarantee that you will be impacted in some way by social media, there will be experts telling you, you need a profile on social networks like Facebook, and that Twitter is the best thing since sliced bread was invented, so you create a profile and you start to tell everyone and anyone who will listen about your latest listings and open homes, but is that really the way to approach social media, doing the same thing you do every day on more traditional mediums?

Taking this approach to your social media strategy will do nothing more than waste your precious time, time that could be spent prospecting for new listings and working with your clients face to face.

I know some younger agents who think that social media and the Internet will replace face to face contact, the reality is it won’t, however the very same principles you use face to face, apply to social media, the only difference being the method of delivery.

I know of some real estate groups who have launched their social strategy with profiles on this site and that network, yet  their sites are full of their member offices congratulating themselves on such forward progress, but where is the consumer?, where is the engagement factor?, where is the interaction with the people that count the most, your customers. This should be the reason you create your social media strategy in the first place, to create the local expert, the trusted advisor role, create and engage your community and to provide information and advice for the long term.

One question to ask yourself is, why do people interact within social network sites in the first place? Is it to get your latest listing, or to find out about your open homes, or to get an appraisal? No, No, No, they are there to connect, to engage and interact with other like minded people, to share experiences, to share activities and create a sense of community and to stay in touch with family and friends.

You as a business person need to understand this motivation and work with it to really maximise the return on your investment of time in creating a social media strategy for you and your business

So what is the best way to approach a social media strategy, firstly you need to work out why you want to have a presence on social networks, is it because everyone else is doing it? Is it because your competitor down the road is doing it so you should as well right? Well wrong actually, do it because it gives you another advertising medium to capture the attention of prospective customers, do it because it is a huge billboard of opportunity to take your message to the masses, do it for you and the exposure it can bring you and your brand, do it because you are an expert in your field and do it because people are looking for an expert to advise, coach and motivate them.

Start by doing a business and digital media strategy and look at ways in which you’ll start to build an audience, do you start a blog first, do you jump on Facebook and MySpace or do you start using Twitter and on what network sites do you create a profile.

How do you declare your brand identity? Remember, you should be focused on how you and your team help other people, being the agent to call when listing a property and raising the profile of you and your office on the web.

The first Step, is create accounts on Facebook, Twitter, Linkedin and YouTube. Check in and see where you fit in to the community, upload or add all of your contacts into Facebook and start a routine of regularly adding “friends” to your page, the goal is to get your personal contacts engaged and to start to follow and engaging with other local businesses, build a schedule so that you can allocate time each week to this, otherwise you will find yourself becoming overwhelmed with trying to keep up with all the conversations that happen.

As you become more familiar with the sites you learn that Linkedin or Twitter may not be for you, that’s fine, at least you are now more informed than you where when you started. You are learning, next you can start to build your blog, your blog web site is your central hub with all roads leading to it, and everything you do should be designed to get people to your blog and interacting with you on your territory.

It’s great to have a Facebook page but even better when you have both working for you; you are in a win win situation.

Remember, with your blog comes responsibility, you’ll need to add content to it regularly and this takes time, so you should allocate at least 2+ hours a week.

Use the same strategy for all the social network sites you use, allocate time each week in your plan to update your sites and remember it’s about engaging your community not only about promoting your latest listing.

We can help you save time and money in building your social media business plan and setting up your pages and blog, we provide weekly coaching clinics that provide information and advice on content and tactics for social media. If you’d like to find out more about our social media integration plans and coaching clinics contact me at Mike Andrew Consulting and we’ll design and set up a coaching plan for you.

Yes, well here we go again, another one of those, I’ve got  a list of over “9,000″ Twitter followers so I’m a social media expert marketing forms has hit my desk today. Come along it says, “to my affiliate marketing driven roadshow and in 4 hours I’ll make you the expert, but there’s more, if you sign away your hard earned money right now, i have an e-book special for you, yes just for you, an E-Book that I didn’t write by the way,but I’ll pretend its mine, and all it will cost you is $89.00.”

I get emails like this every day, offering free product that I can sell or give away as my own, I get E-Books, money making ideas and lots of materials that I can re-brand, that’s not being an expert, that’s a faker.

These so called experts all have massive numbers of followers on social media sites like MySpace and Facebook and of course Twitter, and they fool you to part with your money.

Well don’t fall for it, because I’m going to tell you how to fake it, and then you too can be the instant social media expert, you know, the one who can’t get a job selling real estate so they opt for this easy money.

Ok this is how you do it, On MySpace and Facebook, you find as many people with similar names or interests as you and then send them friend requests, a lot will decline but you would be surprised at the number that actually come back and accept you, that way you build up your following very quickly, they never do anything with you but hey it builds your numbers. Next Twitter, there are a number of programs that will show you how to build big follower numbers and it’s funny but it’s nearly always around the 9000 mark. You can do the same with Twitter as you do with MySpace and Facebook, that is follow large numbers of people and I’ll guarantee you a fair number will follow you back, and you know the dead giveaway? look at the follower number next to the following number, that they can’t hide.

I know of one expert that actually sends out his flyers with “I have 9000 followers on twitter” so I must be good, well one thing he doesn’t tell you is he follows over 10,500. If you really want to get serious with this, have a look at the Twitter accounts with large followings, 99% of them are well known actors, celebrities or business people, so what does that tell you.

I have always taken the tack that to build a social media following you should earn it, build it on providing good quality information and advice and create the “Expert” tag through experience and generate your followers organically not by underhand means and faking it.

There are so many “snake oil” sales people out there you really need to hang on to your wallet.

So next time you get a flyer or an invite, stop and do some research first, the web and Google are a great place to find out information on your expert. How many articles have they had published?, where do they rank on Google?, What recommendations do they have and what companies have they worked with in designing and integrating a social media strategy. For example, I’ve just done a search on social media experts, and this person I’m telling you about doesn’t even rank on the top 20 pages.

Is this sour grapes? no, I just don’t like rip off artists who pray on people like you.

For some time now I’ve been using my social media network as my on line CV, suggesting to prospective clients and others I work with “to check me out on line and Google me” if they’d like to know more about what I do and a number of times this has been very effective for me and has led to new clients and speaking engagements on using social media to drive new business .

By using this method I’ve found it really gives them a good understanding of what I do, and of course, when it comes to working with them on a web campaign or social media strategy they have a clear understanding of what can be achieved. I’ve effectively replaced the old style paper resume with a new generation concept, and once they do a search on me they see all the web sites I own, articles I’ve written and those that have been syndicated and can see my area of expertise far better than I could explain or show on paper.

There is however a down side to all of this, and that’s why your on line presence or social network needs to managed very carefully and you need to be really aware of what information you put on line on your Facebook or Myspace page, as those photos, words or comments can really come back and bite you big time!!

Job seekers today are being urged to manage their on line footprint very carefully, because a recent report by Viacom in the UK, found that 1 in 5 employers had researched social networking sites and found personal information about prospective employees, and 59% said it had influenced their recruitment decision.

Amongst the reasons given for not employing people they had researched on the net, were and I quote, “His MySpace website showed a negative side to him including excessive alcohol abuse and disrespect for his job’ and ‘We found that the candidate was on the local police wanted list.’ The report also found that we as users of social media sites are leaving significant footprints of personal information on the web, as we use blogging sites, social networking sites etc.

The spread of people posting personal information on the web is not limited to younger generations though, with 31% of all internet users leaving personal information, which is searchable by anyone, on the web. However, the biggest group of information providers are in the age group 18-24, with just under half of those questioned for this survey, posting personal information on Facebook, MySpace and Youtube. The biggest concern to come out of this survey though, is that over 54% of the 18 to 24 year olds questioned during this research,responded that someone other than themselves, had posted photos, information and comments about them without their approval.

So, with the rise of search engines such as Google and Yahoo, be aware that employers are never more than a click away from getting information about you the job seeker, and of course, the same is true for companies, as job seekers are able to research information about prospective employers, so this is really a two way street.

The upshot of all of this is that you really need to think very carefully about the information you put on social network sites and you need to protect your name or brand. Your on line reputation is so vitally important today that you can’t afford to neglect it.

I’d love to hear your thoughts on this post, or even if you’ve experienced this problem yourself, so please leave me a comment.

Social Media Usage jumps 462% amongst tech savvy moms

The way social media usage is growing with the general population never ceases to amaze me and new research is showing that the biggest increase in usage is amongst stay at home and working mothers. In fact, social media usage has jumped a massive 462% amongst tech savvy mothers since 2006 and the number who use mobile phones to go on line 348% during the same period.

“The 21st Century Mom Report,” revealed that, in addition to bigger trends shaping motherhood such as comfort with technology and increasing eco-friendliness, becoming a mother is a huge, life-stage transformation that alters a woman’s lifetime purchasing behavior and criteria and triggers a significant re-evaluation of products and brands.

For example:

• 85% of moms say having a baby changed their purchasing habits.

• 73% say it changed their purchasing criteria.
• 62% say it changed the brands they purchase.

Before having children, BabyCenter said that women are most concerned about product and service quality, features, and design.

After becoming mothers, they are much more likely to shop based on safety, quality, and price.

Some of the other interesting stats to come out of the survey include:

Social Mom: Social media is mass media.

• The number of moms who use social media regularly (e.g. Facebook, MySpace, BabyCenter Community) has significantly increased from 11% to 63% since 2006; a change of 462%.
• More than four in 10 (44%) percent use social media for word-of-mouth recomendations on brands and products and 73% feel they find trustworthy information about products and services through online communities focused on their specific interests such as parenting.
• Moms tend to use mass-reach networks for socializing and entertainment and content-rich environments, while using mom-centric communities to get information and advice from other moms going through the same experiences at a given time.

So, there you have it, if you as a company or individual business operator have not yet embraced the power of social media marketing to engage the online community, it’s about time you gave it serious thought.

If you are interested in reading the full report, click here to visit the company’s web site or to read more about creating a social media strategy visit social media is about engagement & Do Traditional Marketing rules apply to social media .

Back in December of last year I wrote a post on the future of the Internet in 2020, and in that post one of the predictions was that mobile devices would be the primary connection tool to the Internet and social media for most people. Well I thought I’d revisit the progress of that statement and look at if the mobile device is in fact having any impact on searching trends.

Some new research from a company in the US SRG, has found the mobile phone is displacing the PC among US women in terms of usage – especially in the 12-24 age group, the survey has found that young women spend twice as much time with their cell phones as women over age 40.

The survey also revealed that more than 80% of US women now use a wireless device and 17% use a smartphone, such as an iPhone, BlackBerry or models from HTC, Samsung, LG or similar. Among those in the 12-24 and 25-39 age groups,  smartphone ownership is now 23%. In contrast 11% of women ages 40+ own a smartphone.

When asked about the top benefits of owning a smartphone, the top answers among women were convenience, the ability to send texts and email, and access to social media online.

When asked what technology had the most impact on their life in the past two years, women overall picked the internet, followed by the PC/computer, and cell/wireless in a distant third spot. This changed amongst young women, where a wireless device took the #1 spot:

Technology with the most impact on my life

So how does that impact on how they use social media?

The study found that more mobile usage and smartphone ownership is enabling women to bypass the traditional PC to upload their pictures to social media sites:

• Nearly 74% of 12-24 year-olds say they have taken a photo with their cell phone in the past month.
• Young women are twice as likely have used the internet browser on their cell phone in the past month.
• 22% of 12-24 year-olds used their mobile device to access Facebook, MySpace or Twitter in the past month, making them four times as likely as older women to have accessed social media such as a Facebook profile or MySpace page on their mobile phone.

From that research and the upward trend of smart phone usage, particularly amongst women, who are the bigger users of social media, you don’t need to be Einstein to work out that the smart phone will be the primary connection tool for the Internet and social media online well before 2020.

I would love to hear your thoughts on this, so please leave me a comment on this post.

Whilst Twitter & Myspace already provide vanity URL’s for users, Facebook has not until today, well actually from Saturday the 13th June,because that’s the date you’ll be able to get your vanity URL on Facebook. The vanity URL is an important part of social media, because it allows you to create a common theme across all the sites and it makes it easy for your followers to find you.

To get your URL, you’ll need to visit the following link on Saturday, http://www.facebook.com/username/, on the page you’ll find instructions on how to claim your URL or create your own, you will only be able to use numbers, letters & periods , no hyphens or underscores will be allowed. Once you have selected your URL you will not be able to change it.

I would think there will be a rush for names on Saturday so If I were you, I’d make a note in the diary and get in in as soon as the site goes live.

Good Luck   

If you were ever in any doubt about the growing power of social media, then it’s time to think again, new stats released by Nielsen Online show just how powerful a tool social media is becoming within the online space. Some stand out points from the report include the fact that 66.8% of internet users around the globe had accessed “member communities” at some point during 2008. When you then compare email usage at 65.1% in 2008, the growth is even more staggering. Now if you think that research just applies to the US, then lets have a look at how social media is impacting the internet user here in Australia. In December 2007, the share of time spent on social media was 6.9%, in December 2008, that had grown to 10.9%, a change of 58% in 12 months. The biggest change in usage of sites was in Switzerland, with a change of 207% in just 12 months.

Time spent on community and blogging sites is growing at over 3 times the rate of overall internet growth. In 2007, social media sites accounted for 1 in every 15 online minutes globally,in 2008 it now accounts for 1 in every 11 minutes. In real terms, in 2008 users spent 63% more time on social media sites than they did in 2007.

Facebook grew by 566% in time spent on it by users worldwide and the fastest growing demographic is the older users, with an additional 12.4 million people aged 35 to 49 using the site in 2008 according to the Nielsen report.

Whilst I’ve concentrated on the stats with this post, I don’t believe there is any doubt of the impact that community based sites are having on internet usage, and real estate businesses in Australia need to really embrace social media and integrate it into their corporate communication strategy.

Social media sites provide significant opportunities for businesses to interact with community sites by tapping into the consumers increasing desire for good quality content. Real estate is a networking business and the better you network, the more opportunities that are created for you.

However, one consideration is how you use social media sites and what content is provided to the users, if you do it wrong, then you as a company, will not realise the potential it has as a network tool, so it’s vital to your companies success that you design a comprehensive strategy that is consistent across all networks, yet employs each ones strengths to their up most potential for your business.     

If you’d like to read the full report, I’ve included a copy for you on the link below.

nielsen_globalfaces_mar09

News from the USA that Myspace has laid off a number of its employees, in what the company says is a simple restructuring. The lay offs took place in the Los Angeles and New York offices and social media being what it is, the laid off employees checked their ex bosses Myspace pages for messages of sympathy. 

Portfolio.coms Jeff Bercovici reported the ex employees discovered brand new and jarringly chipper status update messages.

Jeff said, the company’s senior vice president for marketing, described her mood as “focused,” with this message: “just another manic monday. after a sublime weekend. can you say SUNNY LA.” Meanwhile, sales and marketing president Jeff Berman seemed preoccupied by Malcolm Gladwell’s new book. His message, punctuated with a big smiley face: “loved Outliers — great read.”

Talk about lack of sensitivity by management to ex employees, maybe they’re better off not working for the company, so be careful what you say on your social media sites.

Know any management like those in Myspace? If you do then please let me know, and no smiley faces please.