As of June 29th 2011, My Space, once King of the Social Network start-ups is no longer owned by News Corporation. The sale to Specific Media, a global, interactive, media organisation was agreed at $35 million. News Corporation, Rupert Murdoch’s mega-conglomerate, had bought the burgeoning web phenomenon for an estimated $580 million in 2005, when it was still the destination of choice for those wishing to interact, communicate and socialise on the web. At the time, the deal was considered relatively good value for a company that was taking the digital space by storm and seeing huge surges in traffic and new users. It was estimated that My Space would be worth $1.5 billion and was deemed by Business Week as “one of the best acquisitions ever;” so why did the My Space experiment ultimately fail?
In an interview with serial entrepreneur and founding member of Facebook, Sean Parker, he reveals that it really comes down to one, relatively simple factor: Product Management.
“(It was) the failure to execute product development. (MySpace) weren’t successful in treating and evolving the product enough, it was basically this junk heap of bad design that persisted for many many years. There was a period of time where if they had just copied Facebook rapidly, they would have been Facebook”
Scott Kahn has been recruiting Online Product Managers for over 8 years at Intelligent People, the Product Management, Marketing and e-Commerce recruitment specialists.
“The demand for Product managers has surged over the last three to four years,“ he says when asked about the current state of the e-Commerce market,“It has been interesting to note the organisations that have truly thrived in the latter half of the decade are the ones that see the value in great Product Management and have invested appropriately in terms of hiring the best people within the market. The value of a Product Manager is undeniable; one need only look at the success of Apple, in particular with their iPhone devices, compared to the perhaps inevitable fate of previous leaders in the market such as Nokia and Sony Ericcson for first hand evidence of just how critical robust Product Management can be to a company’s success. The businesses that are willing or perhaps more fairly, able to outbid their competitors in terms of attracting best of breed Product Managers have been the ones that have grown exponentially year on year. Those who do not see the value this skill set can bring to an organisation’s evolution are the ones who I have seen stagnate and lose their once loyal and enthused audience.”
“Sitting across Marketing, Strategy and Technology, effective Product Management recruitment is core to realising a company’s vision. Without innovative, exciting and unique products, even the seemingly most robust of businesses can fall victim to failure. Talented Product Managers are the difference between being sold at $35 million or being valued at $70 billion.”
Intelligent People are a specialist Marketing, eCommerce & Product Management recruitment consultancy who work across a number of sectors including: Online & New Media (Fashion, Retail, Travel, Financial Services, Social Media, Publishing and Gaming) Telecommunications and Technology.
There are few agencies that truly understand Product Management or who specialise in placing Product Managers. Our expertise in this space has proved invaluable as demand for this skill set continues to soar.
For further information or market intelligence please contact us now on 01727 736 690