Tuesday, January 23, 2007

Making Money at MySpace!

I’m sure Rupert Murdock has laid down the law by now. “MySpace will start contributing to the bottom line immediately!” I’m sure this mandate has sent the execs at FIM scrambling for a strategy that will pay off quickly but what could that strategy be? They can’t charge members to sign-up; we must remember the members are the ones creating the content. They have faced resistance to the idea of charging a toll on Widgets, so what is left? Is Google advertising the only way to monetize the site? The answer is no.

MySpace has millions of little “viral” entrepreneurs at their disposal. These members love recommending, referring, passing on information about music, movies, and people. Why not put them to work for you? Let members that are 16 years old and up create an AdSense account for their profiles. They would be required to have their parent’s permission until they are 18. FIM could also set up and manage an affiliate program for recommendations and referrals. Let members who are providing content make a little money while FIM manages the program and generates some substantial revenue.

Let’s think outside the box! What would happen if a million idealistic kids saw the opportunity to make some money doing something they would do for free anyway? Sure their would be abuses but a little due diligence can keep that to a minimum. Here is an opportunity for eBay’s PayPal as well; they could become the defacto payment method for the program.

The possibilities are endless! I have more ideas where that came from.

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1 comment:

Media Monkey said...

I think Myspace is already making money.

They are proving very effective at getting money by selling 'sponsored profiles', they are also getting much better at selling their existing space.
Since their average user views around 300 - 400 pages a month, they have a huge pool of inventory that is sold through an increasingly complex array of ad networks.
The fact that most pages now have external adverts on them implies that they're being reasonably successful in getting money out of it!
Found this article through Spotplex.