Bringing MySpace back
22.05.12
Actor and singer Justin Timberlake, who once released a song called "Bringing Sexy Back," is now bringing something else back: MySpace.
Timberlake, with investors Tim and Chris Vanderhook, bought the social networking site last summer. MySpace ( http://myspace.com ) had once been Facebook's biggest rival. In fact, MySpace was once the dominant social networking site and Facebook the scrappy upstart.
Myspace was bought by Ruper Murdoch's News Corp. in 2005 for $580 million. But it lost the fight for dominance in the social networking field, and by the time the new owners bought it last year, the price was only $254 million, less than half what News Corp. had paid for it.
But the new owners set about converting MySpace from a social network into a music site -- one which is even integrated with Facebook, once its archenemy. And the new direction is working, say company officials. The site, which always had a strong music component and was strongly favored by bands as a promotional
Source: Shelbyville Times-Gazette