Failure – Friendster
- Current Company Value: SHUT DOWN
Friendster was a social media platform that was, along with MySpace, one of the first major social media platforms. It was originally launched in 2002, and founded by Jonathan Abrams. Of course, Abrams has been a major player in the tech and online industry for many years now. Friendster operated slightly differently compared to other social networks after it. Users could share online content and media with other users like most social media platforms. At the same time, Friendster was used for dating and even discovering events, new bands, or hyping up various hobbies one could take part in.
Friendster lost out in the social media world, resulting in a change by June 2011. It turned into a social gaming platform with over 115 million users at its peak. On top of this, Friendster moved from its California base to a new headquarters in Malaysia. The new social gaming platform worked there, Singapore, and the Philippines, but not worldwide. In spite of their actually useful switch to stay alive, Friendster could not compete in such a difficult market any longer. By June 2018, the company officially closed and was dissolved completely.