MySpace Music was supposed to be the one online music streaming service that was set to put the online music streaming industry on the right path. However, this report indicates that in wake of the recent turmoil at parent company MySpace, which has recently been handing pink slips (read: termination letters) to majority of its employees, MySpace Music is now sliding downhill, and by the looks of it, its going to be quite bad. Only 17 million people in the U.S. visited MySpace Music in January 2011, according to comScore, which brings the numbers down 46 percent as compared to last year. Pandora is now ruling the online music streaming industry with approximately 20.3 million monthly U.S. visitors. More details on that, after the break.
In light of the downfall, today MySpace Music president Courtney Holt has stepped down. Considering the fact that MySpace is on the path to extinction and while News Corp. CEO Rupert Murdoch is looking to sell of this property, the future looks bleak for MySpace Music.
Mike Jones sent an internal email to employees tell about Holt’s departure while naming no replacement, Jones said that he will be adding MySpace Music to his responsibilities.
From: Mike Jones
Sent: Thursday, February 24, 2011 10:44 AM
To: Myspace All
Subject: Organizational Update
I wanted to let everyone know that Courtney Holt’s role in the company will soon be changing. Over the next several weeks, he will be moving from being the President of Myspace Music to becoming a key advisor to both Myspace and Newscorp. Courtney will provide guidance on the strategic direction of Myspace Music and lend his incredible depth of experience, industry expertise and creativity to Myspace and Myspace Music. Additionally, Courtney will continue to serve on the board of Myspace Music.
Sam Wick will now oversee all of marketing for Myspace and operationally I will be taking over as the interim president of Myspace Music.
Please let me know if you have any questions about these changes.
How long do you think it will take for MySpace to become a completely dominant service on the internet? Share your views with us in your comments below.