My answer to What are the biggest cases of companies that perish as a result of missed trend or failed forecast?
Answer by Ken Larson:
Facebook Vs. My Space
“Remember MySpace? The one-time, huge social networking site that got to the scene ahead of Facebook, but eventually lost big to Facebook and other social media sites?
At the height of its popularity,; in July 2006, MySpace was ahead of both Google and Yahoo Mail. That dominance, however, didn’t last very long, as by June 2009.
One man who thinks he knows how MySpace snatched defeat from the jaws of victory, in spite of its one-time lead, is Mike Jones, formerly the head of MySpace. Jones tells Business Insider he believes that Facebook was able to overtake MySpace because, whereas MySpace just introduced people to it.”