The once most popular social media platform, MySpace is under reconstruction for a much-anticipated relaunch in late 2012. It’s set to have a new focus on music and entertainment following its 2011 purchase by Specific Media and music star, Justin Timberlake. It was purchased by the duo for approximately $35 million from Rupert Murdoch’s News Corporation, who had originally bought the social media forum in 2005 for $580 million.
Specific Media’s senior communications manager for Europe, Rikki Webster says “MySpace will look to roll out consumer-facing activity towards the end of this year, at which time we’ll most likely undertake a formal pitch, but nothing is happening at this time.”
Between 2005 and 2008, MySpace was the most visited social networking site in the world, helping launch the careers of music artists such as Lily Allen and Sean Kingston. Its user numbers peaked at 73.6 million in October 2008 but have since dropped below 30 million.
“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” said Timberlake last year.