Justin Timberlake’s New Myspace Is All About Artists

by Christopher Freeburn | November 16, 2012 12:33 pm

myspace Justin Timberlake's New Myspace Is All About Artists[1]Is Justin Timberlake popular enough to raise the nearly dead? Myspace certainly hopes so[2].

The former ‘N Sync singer-turned-actor helped relaunch the once-dominant social networking site on Thursday. The latest incarnation of Myspace sports a completely new interface and is aimed at catering to musicians and fans, the Los Angeles Times noted.

Just seven years ago, Myspace was the leading social network. It was purchased by Rupert Murdoch’s News Corp (NASDAQ:NWSA[3]) for $580 million in 2005 but was gradually eclipsed by social media giant Facebook (NASDAQ:FB[4]). MySpace remained only as platform for emerging musicians, who used it to promote their work.

Last year, it was sold to Specific Media Group, a marketing firm, and Timberlake for just $35 million.

Timberlake and Specific Media said Myspace would generate revenue from advertising, eventually, though no ads now appear on it.

The new Myspace continues to offer a large selection of music from major labels and artists. It focuses on connecting fans with their favorite musicians and groups, while permitting new artists to find an audience. Users can also share photos and videos with friends.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/04/myspace.png
  2. certainly hopes so: http://www.latimes.com/business/technology/la-fi-tn-myspace-timberlake-redesign-20121115,0,3614781.story
  3. NWSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NWSA
  4. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB

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