WhoseSpace is MySpace

Peter Chernin, Chief Operating Officer of News Corp., according to Multichannel News dropped the proverbial hammer on those who he sees are leaching off the MySpace ecosystem.

“If you look at virtually any Web 2.0 application, whether its YouTube, whether it’s Flickr, whether it’s Photobucket or any of the next-generation Web applications, almost all of them are really driven off the back of MySpace.”

There is a good chance, a lot he said was left on the cutting floor, but if (and only if) he means what he says, then all those tiny start ups that are betting the farm on MySpace economy better watchout.

Regardless of what happens, it is important to point out that MySpace is neither DirecTV nor BSkyB. Instead it is MySpace, somewhat hard to describe, and perhaps that is why we channel Robert Young, who so eloquently wrote an essay called, Inherent Truths and Value of Community, back in September 2005.

So as time goes by, the foundation of ownership and control for content and distribution is increasingly shifting from corporate entities to people and communities. A phenomenon that will cause countless sleepless nights for old media and old-line technology leaders who don’t fully comprehend the significance of the dynamics at hand.

The utility of MySpace is that it is more than a social network. It is a platform, which puts users in charge of taking and assembling their pages, regardless of where the content comes from. It became one, just because it did not care what and how people put their MySpace pages together. Wild wild web? Sure, but millions saw it as the page they started their day, and spent most of their time on it.

In other words, MySpace is an “attention page” not a portal page. For millions of users, MySpace is their most important page, the one that has all their attention. That attention is why MySpace accounted for 10.8% of Google’s search traffic, and the reason why News Corp subsidiary, Fox Interactive Media was able to craft $900 million deal with the search engine giant.

News Corp should be doing its best to grab more of this attention, and figuring out how to make money in the process. Google deal was a good start, and they need to figure out a “developer” plan to make money, not come in the way of those who create widgets to put on MySpace pages, or the actual MySpace community.

This is something we have talked about in the past, in our podsessions. Glad to see our friends at Techcrunch are carrying on the crusade. I’ll let others chime in…. it is late, and time to get some shuteye.