Myspace vs. Facebook: What Went Wrong? vs. What Went Right?

I chose to do my project on Myspace vs. Facebook: What Went Wrong? vs. What Went Right? For this topic, I will be researching the similarities and differences between Myspace and Facebook to understand why Myspace failed in a time where Facebook continues to strive. Was Myspace ahead of its time or was it too slow to respond to the fast-paced changes of the industry? Before modern social networking, Myspace was essentially the first-ever highly successful, widely used social network used by anyone, particularly millennials. For a website that basically kickstarted the social media industry, I want to understand what led to its downfall and how it compares to other social networking sites we currently love and use, particularly Facebook. Understanding why Myspace failed may also give us insight into how companies can avoid making the same mistakes.