Fortune on MySpace

Fortune writes:

MySpace is nothing short of a cultural phenomenon. For those who haven’t logged on, the site is the online equivalent of your high school lunchroom, your college quad, your favorite bar. Except it doesn’t sell much of anything, at least not yet. It’s simply a place to hang out and express yourself. The users, the hardest core being teens and twentysomethings, post profiles and decorate them with photos, music, videoclips, blogs, and links. The site is home to 2.2 million bands, 8,000 comedians, thousands of filmmakers, and millions of striving, attention-starved wannabes – 100 million, actually. MySpace passed that number of registered users in early August, and on a typical day, it signs up 230,000 – roughly the population of Scottsdale. A year ago it passed Google in terms of traffic, and now MySpace ranks second to Yahoo in page views, with one billion daily, according to comScore Media Metrix. While there are hundreds of “social-networking” sites – Facebook, Friendster, Xanga, Bebo, Cyworld, to name a few – MySpace, the most risqu and chaotic of the majors, accounts for 82% of traffic in the category, according to Hitwise, a leading Web site tracker.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.