What can social networking investors learn from GeoCities?
Wednesday, April 29th, 2009Before MySpace, Facebook and Twitter there was once GeoCities. Yes back in the 90’s, GeoCities was going to take over the world and change the face of the Web. So Yahoo spent a bunch of cash ($3 billion) and bought up that very ‘valuable’ piece of Web real estate.
…. Hmmm this kinda reminds me of the Facebook and Twitter hoopla.
Geocities is closing its’ doors
After a decade of spuddering about, it seems that Yahoo has finally figured out that there is no money in having a bunch of lame web sites filled with lame content:
Yahoo Inc. said Thursday that it would shut down its GeoCities free Web-hosting service after paying about $3 billion for the unit in 1999.
GeoCities isn’t accepting new accounts and will close later this year, Yahoo said. GeoCities, Yahoo’s second-biggest acquisition behind Broadcast.com Inc., lets users design personal websites to show off photos, promote local clubs or publicize business services.
.. As reported by the LA Times.