Bringing MySpace Back

Justin Timberlake is the proud new owner (alongside a small Californian Marketing company) of one very large white elephant. The pachyderm in question is MySpace, and News Corp. sold it for $35 million and a 5% stake in the buyer, which is about $525 million less than what they paid for it 6 years ago. We're wondering what JT has planned.

At the time people applauded media mogul Rupert Murdoch's forward thinking, though the price tag drew criticism for over payment. While MySpace made money initially, with over 1400 employees it cost a pretty penny to run and it's inability to keep up with the innovations by rivals watched it's userbase and advertisers dwindle.

But that's all relative. With over 30 million users (roughly a dollar a user) in the US alone, Specific Media and JT want to re-invigorate the music angle of the social network and make it a cool place to interact with fellow fans, meet the musicians and find new beats. The question is, does he have a plan or is he a method actor stuck in his role as Sean Parker?

Just how it's going to differentiate itself from existing services like Spotify, Last.fm and Pandora is not yet clear.

“There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. Myspace has the potential to be that place,” Timberlake was quoted as saying.

Look out for the relaunch later this year. For now, if you need to get new beats, we've got you covered.