Apps Gadgets ETC

Justin Timberlake Buys Piece of Social Network MySpace

Posted on: June 30, 2011

Ever since Facebook came onto the scene, MySpace has continued to lose ground in the social networking arena. In 2007, MySpace reached its peak with 300 million registered members and was valued at $12 billion dollars. The following year Facebook made its presence known and rapidly took away many of MySpace’s audience. According to a recent count, MySpace was down to 91 million registered users and dropping fast.

When News Corp purchased MySpace in 2005 for $580 million things were looking pretty rosy. In 2006, Myspace signed a large advertising deal with Google and their ad revenue reached a high of $605 million. However, it’s amazing what a few years of technology, competition and web advancements can do to a company.

With numbers way down in both ad revenue and users, News Corp decided to put MySpace up for sale. The asking price was $100 million. The best offer that came in was for $35 million and News Corp took it. The new owners of MySpace surprised many people. They include Specific Media ( a digital advertising agency) and Justin Timberlake (music and movie celebrity).

If anyone can put some creativity into MySpace, Justin Timberlake could do it! His celebrity star status in both the music and movie businesses can definitely help MySpace in many ways. Justin was recently quoted as saying, ” “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.” 

I think Justin is right on the money! Facebook can still be the world’s social network and MySpace can be the entertainment world’s one-stop social networking place for music, movies, TV and more. There’s enough room for everyone to play nice in the social media universe.

What do you think? Will Justin propel the new MySpace to new heights? Send us your comments!

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