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MySpace is ready for a big comeback, says Justin Timberlake

MySpace was huge. The social network had millions of users before Facebook shoved it aside. But now, Justin Timberlake and two investors have announced big plans for a rebuilt MySpace.

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Justin Timberlake poses at the premiere of "Trouble with the Curve." The musician and actor has purchased MySpace with two business partners.

Mario Anzuoni/Reuters

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A "new MySpace" waits just around the corner, says Justin Timberlake, who purchased the once-massive social network with two investors.

When media titan News Corp. first purchased MySpace in July, 2005, for $580 million, the thought of selling it just six years later for $35 million was unthinkable. But it happened. Now, a year later, plans for MySpace's next evolution are finally revealed.

Over the last three years, MySpace lost hundreds of millions in revenue and went through extensive layoffs, cutting over half their employees. Currently the MySpace audience is only 54 million. Compared to Facebook's nearly 1 billion members, many consider MySpace to be extinct.

On June 30, News Corp. sold MySpace to singer-turned-actor Justin Timberlake and Chris and Tim Vanderhook. Their plan is to completely rebuild the site from scratch.

The redesigned MySpace now puts music at its center. It's a place for artists to connect with their fans.

“In a single sentence, it’s a social network for the creative community to connect to their fans,” Tim Vanderhook told The Hollywood Reporter. “We’re going after artists, right after this we’ll be talking to various artists to come on the platform. We want to give them a chance to help build it with us. We’re really far along, but we really want that last twenty percent to really be crafted by more people like Justin that actually know the tools and things that they need.”

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