MySpace Elevator Pitch
When Justin Timberlake says: “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.” Huh? What? Seriously?
I have often asked myself: is there a single value proposition, that could be expressed in a single sentence, that's right for MySpace given what they have, where they have come from, the pace of innovation (by others), and given the state of the connected, social world we live in today? I couldn't deliver the elevator pitch Justin dropped on the media with a straight face...
MySpace has a sterile-chicken-and-egg problem. They still have lots of eggs (consumers), but the chickens (artists and entertainers) on MySpace are no longer delivering new ones. The effort-to-egg ratio, that is the (aggravation) cost of acquiring true fans (versus fake friends) via MySpace is disproportionately higher than the cost of acquiring fans via other social media platforms.
So here's a restated elevator pitch for MySpace (in the artist perspective): 'There's a need for a site where the incremental cost of acquiring and profiting from new (and real) fan acquisitions plummets in direct proportion to measurable popularity.' Deliver this...and the chicken fertility problem will solve itself.