Returning MySpace To Relevance

imageLess than two weeks on the job, and MySpace’s new CEO Owen Van Natta is already getting plenty of suggestions for how to “fix” the social network. Sure, MySpace has been generating revenue for longer than some of its rivals. But it is falling out of favor with both users and potential business partners: For example, MTV’s upcoming social media-centric show will include Facebook and Twitter updates — but no MySpace interaction — and the NYT reports that unique visits to MySpace dropped by 5 million from the end of January to the end of March.

So what should Van Natta and his new team do to turn that around? One thought is that MySpace needs to embrace the fact that its user base skews much younger than some of its rivals, and cater to them. The social network has been criticized in the past for having gaudy profiles, but the freedom to add the wallpaper, icons and decoration of their choosing has been a major draw for teens. And advertisers still want to target these younger users, even though they have less disposable income: “We often consider [MySpace] when we have a product targeting that age range,