Can MySpace return to the list of top social networking sites?

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Can MySpace return to the list of top social networking sites?

Timberlake Revives MySpace

He brought sexy back, but is Justin Timberlake really bringing MySpace back?

It’s a possibility that the site could return as a top social networking site. MySpace claims that it now has “an average of 40,000 new registrations daily” and says it has added more than a million new users since launching its new MySpace Music Player in December.

The site also boasts that its library of 42 million songs is the world’s largest collection of free music, signifying that services like Spotify — not Facebook or Google+ — may be its real competition.

Company CEO Tim Vanderhook, company CEO, stated “the numbers tell an amazing story of strong momentum and dramatic change for Myspace.”   “And the one million-plus new user accounts we’ve seen in the last 30 days validates our approach.”

A team of investors including Vanderhook and the pop star Timberlake bought MySpace in June for $35 million. They purchased the social network from Rupert Murdoch’s News Corporation, which had bought it six years earlier for a whopping $580 million.

As Facebook emerged in the world of social networking, MySpace took a dive and was passed in U.S. popularity by Mark Zuckerberg’s empire in 2009. According to BBC, in March of 2011, MySpace lost 10 million users in a single month.

Repositioning MySpace as a music service seems to be a good strategy by Timberlake and his team.. In addition to a massive catalog of songs, the site’s new music player is hub for a range of both mainstream and unsigned artists, personalized radio streams, a recommendation feature and Facebook integration.

“Myspace is building meaningful social entertainment experience around content, where consumers can share and discover the music they love,” Vanderhook said. “Consumers are getting excited about Myspace again — a testament to a great music product.”


Will you return to MySpace?

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