The Only Thing MySpace is Useful for is Killing Spotify - News (NASDAQ:NWS)

Does MySpace have any value left in it? Remarkably, yes – it does. And that value goes beyond whatever price Specific Media

paid to acquire

the social networking entity. Everyday, when millions of people sign into Pandora and other online radio stations, I sign into MySpace. I don't use the site to social network anymore (and when I did, it was not that often). But in the company's push to become a prominent player in the music industry, MySpace developed a streaming music entity unlike any other – and it's all free.

Choose What You Want

During my 30-minute commute to work, I often throw on a CD – Blink-182, Guster, Barenaked Ladies, Something Corporate, Switchfoot, to name a few – and play every song till I arrive. Too often I pull into work wishing I had a few more minutes to listen to Song X. One day, I just couldn't take it anymore. A song was stuck deep inside my head and it just wouldn't leave. I

had

to play it, but the day was far from over. In utter desperation, I decided to visit MySpace, hoping that it would have the song I was looking for. Incredibly, the site had that song, along with several others I wanted to hear. Its collection of music is extremely impressive. Whether a big artist like Blink-182 or an indie band like Spitalfield, MySpace had nearly everything I wanted. You can play individual songs or create a playlist – the choice is entirely yours. You are not forced to endure the radio format that most other sites offer, nor are you required to sit through commercial breaks or pay a monthly fee. MySpace offers a smooth, non-stop musical experience. Simply register with the site, type your favorite artists into the search box, and start streaming.

Take That, Spotify!

With its

$1 billion valuation

, impressive

growth

and massive

worldwide expansion

, Spotify has single-handedly become the most talked about music streaming service in the world. Some are claiming that it will dethrone iTunes by allowing consumers to access hundreds of thousands of songs for a small monthly fee, instead of having to pay $0.99 per download. This may all be true, but the hype completely overlooks the fact that MySpace already offers this content. Without question, Spotify's music library is (or will be) bigger than MySpace. Spotify has the resources and the industry support to gain access to more artists, more albums, and more exclusive content than MySpace. But if I have CDs at home and in my car, MySpace at work, and an iPod for everything in between, why should I pay to use Spotify?

Oddly, No One Else is Asking That Question

It is very strange to me that no one else is asking

why

we should pay for Spotify. Instead, the most common question asked is, “When can I sign up?” Right now, the only free version of Spotify in Europe features advertisements. Unless the company plans on making some drastic changes when it comes to America, you can bet that any freebie version available will feature ads over here as well.

Time for a New Marketing Campaign

On its website,

Specific Media

describes itself as a “global interactive media company that enables advertisers to connect with consumers in meaningful, impactful and relevant ways.” Let's hope the company is true to its word. While it is unclear what Specific Media will do with MySpace, one thing is for certain: the site needs new a marketing campaign. Very few people are aware of its enormous database of FREE streaming music. Most people simply think of MySpace as the original Facebook – a social networking site of the past. News Corp. (NYSE:

NWS

) squandered every opportunity it had to change that opinion. (Hence the

AllThingsD

report claiming that the site was sold for just $35 million – well below News Corp.'s initial asking price of $100 million, and several times below the $580 million News Corp. paid to acquire MySpace in 2005.)

The Future of Music

While I would love to see MySpace flourish in the area it serves best – music listeners looking for a free, legal streaming service – I would hate to see the site become so popular that Specific Media decides to charge a monthly fee. Frankly, that would kill my at-work Blink-182 listening experience. So please, by all means, embrace MySpace for what it is and give the former social networking leader a second change. But don't tell too many of your friends about it – I want the site to be popular, but not

that

popular.

Follow me @LouisBedigian

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