According to a report run in early November by Music Week, since 2011 the Facebook Timeline integrated music app has played more than 62.6 million songs, 22 billion times, which equates to roughly 210,000 years worth of music.
The development of Facebook’s social networking music time-line has allowed users to find new music, listen to Internet radio, create play-lists and follow the music of Friends. The creative app development by Facebook has enabled 3rd party music services to hitch a ride on the music cruise to success as companies such as Spotify and iHeartRadio see daily growth through increased listening trends. Deezer in particular even claims to be adding 50,000 new users per day to their service. As a result of such concerted efforts in Facebook app developments, Facebook stock has recently risen and is now trading at nearly $25/share. Analysts have additionally upgraded forecasts for Facebook and have now moved projected share price points from $24/share to $33/share.
MySpace once held similar status in the advancement on-line music and eventually grew to such enormous proportions that News Corp. purchased it in 2005, for $580 million. Music was one of the key factors to the initial success of MySpace, but music alone could not keep MySpace from falling to the successful rise of Facebook, and in 2011, News Corp sold MySpace to a company called Specific Media, for a mere $35 million. Not even 10% of what it paid for it.
Since then MySpace has been struggling further to rebuild its image and gain a bit of clout. Specific Media brought in Justin Timberlake as an investor, but it was also an obvious move to get a bit of music PR for the company as well, which could perhaps get the ball rolling again and re-develop its crumbling now second-class music site status. The result has been that over the past year, MySpace has seen a 36% increase in traffic, but still is having trouble making a real-space in cyber-space for itself. Of the $15 million in revenue it has predicted it will make this year, it lost more than $40 million. Not only that, but it expects to lose again next year as well, a lesser $25 million is predicted though.
In their continued attempt at rebuilding the MySpace brand and rise above the competition, Specific Media has been reported to seek $50 million in a current round of corporeal funding. One thing in favor of MySpace and their efforts to make a music niche is the fact that they have nearly 27 million music tracks from unsigned artists, and unsigned artists continue to see it as a the “go-to spot” for musical recognition.