The Rise and Inglorious Fall of Myspace

In February 2009, with the threat of Facebook’s growing popularity looming over their company, Chris DeWolfe and Tom Anderson, the co-founders of Myspace, appeared on The Charlie Rose Show. DeWolfe explained that Myspace was more than a social network; it was a portal where people discovered new friends and music and movies—it was practically where young people lived. “We have the largest music catalog in the world,” DeWolfe said. Anderson predicted that by 2015, Myspace would have up to 400 million users. DeWolfe said the site’s worth was “in the billions.” Rose mentioned how Murdoch had bought Myspace’s parent company, Intermix, for $580 million. “Are you happy you made the deal?” asked Rose. “Um …,” said DeWolfe.