Is it really, though? I feel like Myspace was similar to Facebook as it launched, but Facebook has since grown into a behemoth walled garden that replaces a good fraction of the internet outside of tech-nerd circles.
And the demographics that facebook wants to target is very quickly migrating away (to tiktok mostly). Even google is scared of tiktok (enough to pour untold amount of resources to try catch up via youtube shorts).
It's funny, because Vine had this market first, and it failed spectacularly - if only they built a better recommendation engine!
MySpace never really had a path to profitability. It was conceptually very similar, but was not as well realized. What Facebook figured out was scale. MySpace was basically unusable during peak traffic times when Facebook was first taking off around 2005-2006.
I have always compared Facebook to Yahoo. It will kick around for a long time, but it isn’t really doing anything important or impressive. They know this. It is why they are hard pivoting to the metaverse. They need something new if only to win hearts and minds and wall street over until they figure something else out.
It's funny, because Vine had this market first, and it failed spectacularly - if only they built a better recommendation engine!