Here’s what you can learn from the former social media darling’s decline.
Not long after launching in 2004, social news aggregation site Digg was heralded as a tool that forever changed the nature of the news media. By 2008, the site was nearly acquired by search giant Google for $200 million. Recently, Digg was bought by a company called Betaworks for — wait for it – a mere $500,000. Betaworks is the company behind other tech brands like URL shortener bit.ly, website analytics tool Chartbeat and another social news site News.me.
How did a former social media darling, founded by serial entrepreneur Kevin Rose, see its value drop so precipitously when the social web has only grown in popularity? Over the years, the site has been plagued by some unfortunate missteps. Here are three lessons any entrepreneur can learn from Digg’s slide:
1. Continue to innovate and provide value: One of the coolest features Digg had when it launched was the ability for users to “digg,” or vote for their favorite content, and “bury” the content they didn’t like.
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