Time Inc. CEO: ‘I hadn’t even gone to the MySpace website before we bought the company’ — ‘but it’s a pretty good website’ – Yahoo Finance

There were a lot of chuckles about that,” Time Inc. CEO Joe Ripp joked last week, speaking with Business Insider at the Cannes Lions advertising festival.

He added: “Quite frankly, I hadn’t even gone to the MySpace website before we bought the company, but after going there, it’s a pretty good website, and music is pretty interesting.

“Time Inc., which owns more than 90 media brands including Time magazine, Sports Illustrated, and Fortune, wasn’t buying MySpace to resurrect the social network. It was all about the data assets.

Ripp said: “The whole point of MySpace is it gave you permission to reach 1.2 billion people. You combine that with the permissions Time Inc. has from its audiences: We reach 250 million adults in the US. We basically reach 80% of the adults anyone is trying to reach with the permissions that we have to reach them and track them and follow them, so MySpace has really been all about permissions.”That said, Ripp thinks there is a gap for music content online.”We need to look at it,” Ripp said. “I don’t have a plan for it yet. I’ve been focusing mostly on the integration of Viant. I’ve been focusing on mostly what to do with the data out of Xumo,” the Viant and Panasonic-owned over-the-top TV video platform that collects data from 13 million smart TVs, “and the TV targeting data that comes from television, and the third conversation will be what to do about MySpace.”

Source: Time Inc. CEO: ‘I hadn’t even gone to the MySpace website before we bought the company’ — ‘but it’s a pretty good website’ – Yahoo Finance

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