The once mighty social network MySpace has fallen very far from grace. The site was sold to Specific Media in June for $35 million which is much less than what former parent company News Corp. paid for it. One of the most shocking aspects of the MySpace sale is that Justin Timberlake is on board as the creative director. His presence will help reform MySpace into a lucrative music destination.
In the past, MySpace was the place to go for musicians looking to gain a following. MySpace somewhat lost sight of that vision once rival social networks started focusing on other aspects that ultimately made MySpace irrelevant. Even with all its problems, MySpace still has a presence in the music industry.
“No other music destination online today can claim the breadth of partnership we have with the four major music labels in addition to the tens of millions of independent artists and the libraries of their songs,” said MySpace vice president of global markteing Al Dejewski to Ad Age.
Later this year, MySpace will start a marketing campaign to highlight the website’s emphasis on music. MySpace will use unnamed brands and celebrities to promote the new MySpace.
Via [Ad Age]