Mediaboss Marketing

Also-ran social network Bebo has been bought back by one of its founders for $1 million five years after that same founder, along with his wife, sold Bebo to AOL for $850 million. Sure, the couple made out like bandits, but theres a bigger lesson here: Buying a copycat social network is a terrible idea.

Just ask Rupert Murdoch, whose News Corporation paid $580 million for MySpace after Facebook began to pummel the social network and ended up selling the company for $35 million. Or the venture capitalists who pumped nearly $50 million into Friendster before selling the social networking granddaddy for barely half that.

Unlike MySpace and Friendster, Bebo was never, not for one bright shining moment, ever regarded as a leading network. When AOL paid $850 million for the company in 2008, the heckling started immediately, and it took only two years for the aging internet conglomerate to unload Bebo for $10 million to hedge fund Criterion Capital Partners. Criterion, in turn, sold it back to founder Michael Birch (or more precisely to an incubator Birch owns.)

LinkedIn and Twitter, among others, stand as evidence that specialized social networks can thrive and that people will actively participate on multiple platforms. Facebook, meanwhile, is an example of how a general purpose social network can replace its antecedents if it offers major advantages; Facebook replaced MySpace by offering real identities, cleaner design, and an ecosystem of apps, while MySpace replaced Friendster by being more reliable and offering looser rules.

Bebo offers a counter example: If youre neither specialized nor markedly better, you arent going to amount to much, except perhaps as a tool to exploit big clueless corporate suitors.

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Bebo's $849M Implosion Teaches a Brutal Lesson in Social Networking

Ahmad did not expect to be turned down for the job he applied for at a technology and electronics company. Especially since he successfully passed the first interview and was scheduled for a second interview. The reason for his dismissal turned out to be his personal page on Facebook. Evaluation of potential employees through their accounts on social networking sites is a modern policy that has become a principle for recruitment. It can determine the acceptance or rejection of employees. This has become a major concern among young people in the Arab world. Through the information on social websites, the way a person presents himself on a personal page and his account activities, a company can build a general picture about the characteristics of an individual's personality and inclinations. That can help to determine to what extent he would fit in with the team that he is supposed to work with. Anwar Al-Saidi, director of human resources at a local company, said that those who have voiced their concerns regarding this new policy in recruitment, claim that individuals in the Arab world are still novice when it comes to dealing with social networking sites. They need more awareness and education. Arab companies should only start checking personal pages for the suitability of a potential employee in about ten years from now. While social networking checks may raise concerns with some job-hunters, others would see this as an opportunity to outsmart companies by creating two different personal accounts on social networking sites. One official account for work, and another that allows them to enjoy the privacy they desire. Ahmed, who preferred not to disclose his full name, said that companies that adopt this policy or intend to do so must be aware that dealing with social networking is a personal freedom. He said it was not logic to judge potential employees based on their personal pages. In the western part of the world, according to expert reports, 92 percent of the companies have resorted to this style of employee investigation this year alone. Another 73 percent of companies will explore the accounts of job applicants. Saud Kateb, head of the media department at King Abdulaziz University in Jeddah, believes that social networking sites in general are not the perfect places to research the efficiency of the employee. He does concur that such websites helps to identify the employees in terms of their personalities, their orientations, interests, hobbies, and the extent of their ability to fit in and deal with teamwork. He also pointed out that some companies use these sites to announce their vacancies. This strategy can be effective because of the large number of people that use these sites. He confirmed the power of new media in various aspects of life and said, Social networking sites take on the role of resumes and determine the fate of staff. It is more appropriate for companies to search in specialized sites, which allow their subscribers to upload their resumes in a professional manner, as opposed to popular social networking sites.

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Social networking sites as substitutes for CVs

Also-ran social network Bebo has been bought back by one of its founders for $1 million five years after that same founder, along with his wife, sold Bebo to AOL for $850 million. Sure, the couple made out like bandits, but theres a bigger lesson here: Buying a copycat social network is a terrible idea.

Just ask Rupert Murdoch, whose News Corporation paid $580 million for MySpace after Facebook began to pummel the social network and ended up selling the company for $35 million. Or the venture capitalists who pumped nearly $50 million into Friendster before selling the social networking granddaddy for barely half that.

Unlike MySpace and Friendster, Bebo was never, not for one bright shining moment, ever regarded as a leading network. When AOL paid $850 million for the company in 2008, the heckling started immediately, and it took only two years for the aging internet conglomerate to unload Bebo for $10 million to hedge fund Criterion Capital Partners. Criterion, in turn, sold it back to founder Michael Birch (or more precisely to an incubator Birch owns.)

LinkedIn and Twitter, among others, stand as evidence that specialized social networks can thrive and that people will actively participate on multiple platforms. Facebook, meanwhile, is an example of how a general purpose social network can replace its antecedents if it offers major advantages; Facebook replaced MySpace by offering real identities, cleaner design, and an ecosystem of apps, while MySpace replaced Friendster by being more reliable and offering looser rules.

Bebo offers a counter example: If youre neither specialized nor markedly better, you arent going to amount to much, except perhaps as a tool to exploit big clueless corporate suitors.

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Social | Bebo’s $849M Implosion Teaches a Brutal Lesson in Social Networking

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