Why MySpace Failed and Facebook Didn't Wednesday, February 9, 2011 By Jerry Del Colliano In a world where radio is declining, newspapers are yesterday’s news and the music industry is hopelessly lost in the past, we see a new age company fall flat on its face. MySpace is done.   Facebook prevailed. News Corp is trying to sell MySpace and it doesn’t really matter who buys it.  MySpace missed its chance to be number one.  Even if MySpace is eventually reinvented by a new owner, MySpace may be history. This piece examines: 1.  The fatal flaw Rupert Murdoch had after he bought MySpace.  If he had recognized his miscalculation, MySpace might have bested Facebook.   One thing. 2.  The lessons of MySpace’s failed strategy to compete with Facebook.  A strategic error as soon as the sale closed relegated MySpace to second-class status.  Do you know the error? 3.  What Warren Buffet might have done had he purchased MySpace.  He didn’t and that might be an indicator right there.  But if he had … 4.  The new rules of media dominance.  Things have changed over the past ten years, now only certain companies can prevail and they usually do this one thing. 5.  My list of five lessons the radio business, music industry and new media can learn from the MySpace debacle on content, management, competition, the mobile Internet and strategic renewal.   This article is about the critical mistakes that News Corp made in what should have been the prosperous world of new media.  If you would like to read this story, have access to my entire archive (over 1,100 pieces) and get the next month of my writing included, click “read more” for your choices.  Read more at Inside Music Media You are receiving this email because you are a subscriber to Inside Music Media Click here to unsubscribe or manage your account.