Running a big business is hard work. Even after launching successfully, the battle continues. Keeping profits up, economic crisis, and staying relevant are all things companies must learn to grapple with. It goes without saying that some companies handle these challenges much better than others. Despite the occasional bailout, the free market does not take pity on companies that fail to meet its demands. Based on research conducted by 24/7 Wall St and the predictions of Johnathan Berr of the Fiscal Times, here are 8 companies that we don’t expect to stay in business much longer.
Hit artists Pharrell, Ciara, and Zedd couldn’t even save this dying social network. Launched in 2003, the revolutionary website has been on the decline ever since 2008, and we don’t think it’s because Facebook was inherently better. Sure, stiff competition from rising social media platforms has driven Myspace near the brink of extinction but the real problem was in its basic design. Myspace has stuck to a “portal strategy” of building its audience around music ever since it opened. Meanwhile, the now longstanding websites Twitter and Facebook have continued to improve their user experiences as well as focusing primarily on you, the user, rather than any one specific feature of the site (in this case, artist pages). What Myspace did change was it’s layout, which users had stated they preferred to that of Facebook in the first place. The outdated social media network basically shot itself in the foot.
In a rally to bring back the once notorious website, Panasonic and Justin Timberlake teamed up with other investors to create a new brand, starting with the commercial below. Still hyper focused on its portal strategy and with $43 million lost in 2012 alone, it’s clear that no amount of musicians smashing things or making out can bring back Myspace. It’ll be lucky to see the end of November.