Business Week on MySpace

Hey, Come To This Site Often?

…MySpace has become one of the hottest properties on the Web. Only 20 months old, it already has 14 million unique visitors a month, according to market researcher comScore Media Metrix. That makes it far and away the most popular of what are known as social-networking Web sites. Friendster Inc., started three years ago and at one time the clear leader, has a mere 1 million unique monthly visitors. “We’re crushing it,” says MySpace Chief Executive Chris DeWolfe, 39.

The draw? It started with music. DeWolfe’s co-founder is president Tom Anderson, a 29-year-old musician and entrepreneur, and from the beginning the site has catered to musicians. Bands can create home pages, with photos, tour dates, and as many as four songs — all for free. Marquee names like the Black-Eyed Peas, My Chemical Romance, and ex-Smashing Pumpkins leader Billy Corgan joined. That pulled in fans and their friends, who all found that MySpace offered loads of options that other sites lacked. Now, MySpace has become something akin to the hottest bar in town, teeming with musicians and models.