How I Would Monetize MySpace!
I’m sure by now; Rupert Murdock has laid down the law in regards to FIM (Fox Interactive Media). “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 that members are the ones creating the content. They can’t charge Widget makers a toll to provide access to the platform – just the rumor of that sent waves through the Widget community — so what is left? Is Google advertising the only way to monetize the site? Of course 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, people, pictures, Widgets and ideas. Why not put them to work for you? FIM could create and manage an affiliate program for their members 18 years old and up and generate revenue like LinkShare and Commission Junction do with their affiliate programs — heck why build a new program just buy one of those companies – They could offer MySpace Pro – A more sophisticated application rich profile for these new entrepreneurs at a minimal monthly or annual fee. Possibly even share Google AdSense revenue posted on their profiles with them. Let members who are providing content make a little money while FIM manages the program and generates some substantial revenue, serving as an aggregator.
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 anyway for free? Sure their would be abuses but a little thought can keep that to a minimum. Here is also an opportunity for eBay’s PayPal as well; they could become the defacto payment method for the program adding millions more PayPal accounts to the #1 payment system on the web. FIM would pay affilates via PayPal
Also, MySpace could open up their platform to ecommerce, creating the new MySpace Stores and do what eBay has failed to do with their store platform. I can tell you this; 100’s of thousands of eBay store Sellers would lick their chops at such an option. The possibilities are endless!
I’m sure the brain trust at FIM is hard at work coming up with a strategy to meet Mr. Murdock’s mandate, I just thought I would throw a couple ideas against the wall to see if they stuck.
Check out my MySpace profile at www.myspace.com/rksmythe. As you can see I have included links to my blogs a link to pre-order the new Harry Potter book and if you click on the links in my profile they take you to Amazon.com through my affiliate account. Imagine if MySpace expanded the capabilities of their profile page and worked in partnership with their members.