Mike Abasov

As mentioned on Mashable, the new MySpace is trying to get out of the battle with Facebook and move towards entertainment, the area where the rival is minimally established. But here’s a problem. The new niche means new competitors like established Last.fm or brand new Ping.

So the question is, “Does MySpace have what it takes to win this market?” I think it does. At least, it has 3 particular advantages:

1. It is about free content. Not like monetized Ping. And it’s a lot about indie art too. If the company is able to hold on to indie musicians and filmmakers, it might win. But if it goes after big entertainment brands looking for big money, it will loose. After all, Apple has much stronger connections with recording labels.

2. It seams to have learned the lessons. The rebranding looks fresh, and I can see some ideas taken from many other successful projects (like badges from Foursquare). The fact that MySpace admits that it has lost to Facebook and adjusts its strategy deserves respect too.

3. It is pre-established. Unlike many newcomers to the market, MySpace has audience and has reputation. It has fans. The goal now is not to loose them but leverage their influence and grow.

Well, I can just wish good luck to the new MySpace (and r.i.p., the new Digg).

What do you think? Yay or nay to this rebranding?