Culture

Is Justin Timberlake Bringing MySpace Back?

by cexline | June 30, 2011 at 06:05 am

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Justin Timberlake recently played the Napster creator/Facebook investor didgital-age tycoon Sean Parker in last year’s “The Social Network.” Now the singer turned actor turned entrepreneur has bought a stake in MySpace along with Specific Media, an online marketing company. Talk about life imitating art!

Timberlake will help Specific Media develop its new strategy and creative direction for MySpace, as the social networking website has seen a steady decline in users because of the competition with Facebook.

Under its new owner, which was finalized in an acquisition for $35 million on Wednesday, MySpace has been reported to now focus on music, which had been popular for music talent to present their work online and drive fans to concerts and other media.

Timberlake said of the acquisition:

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. Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community.

It hasn’t been reported how much of a stake Timberlake will have in the company, but according to Specific Media, the strategy and vision for MySpace will be revealed at a press conference later this summer.

Specific media CEO, Tim Vanderhook stated:

We look forward to partnering with someone as talented as Justin Timberlake who will lead the business strategy with his creative ideas and vision for transforming MySpace.