Today, MySpace is making headlines with a substantial buyout of popular iOS app Oldify. This move seems to be a defensive play, as Facebook just announced their $1 billion Instagram acquisition. Oldify is an iOS app that allows users to upload pictures of themselves, friends or family and apply visual effects to make them appear much older than they are. The application exploded in the App Store and quickly rose to the Top 10 most popular Free iOS apps.
Mike Jones, CEO of MySpace believes that Oldify plays a crucial role in the company’s long-term strategy. “Old is the new young. We believe that integrating the Oldify filter into our profile pictures will really bring some maturity and elegance to our service,” said Mike. “This is just the beginning for the new MySpace. Oldify aligns with our vision for the future of MySpace, at the crossroads of Social Networking and self-expression.”
It was reported that the Instagram acquisition took only two days from start to finish. When we asked Mike how long the Oldify acquisition took, Mike said, “About 30-45 minutes. We downloaded the app, made ourselves look like geezers and all shared the ah-ha moment. I looked at our CFO and said ‘Make the call’.”
MySpace is spending a hefty $50 per Oldify user. When asked why MySpace valued each user at such a large sum, Mike replied “What?” He had trouble hearing me. I repeated the question much louder, and Mike stared at me with an expression that portrayed a combination of fear and confusion. He just stood up and walked out of the room.