MySpace delays revamp plans until October

Last June, Specific Media paid just $35 million to acquire MySpace from News Corporation. It was a humbling price for the social networking web site that at one time was one of the biggest Internet properties. At the time Specific Media said that one of its investors, pop singer Justin Timberlake, would "play a major role in developing the creative direction and strategy for the company moving forward." While Specific Media was supposed to announce its specific plans for MySpace by now, The Wall Street Journal is now reporting that those plans have been pushed back.

Specific Media said back in June that they were looking to turn MySpace into a destination for original music, videos and other shows. But the new report now claims that those plans have taken longer than first anticipated to work out. Specific Media now plans to reveal its revamp plans for MySpace in October during Advertising Week, the annual get together for the ad industry in New York City.

Specific Media and Timberlake have their work cut out for them in order to bring MySpace back. Launched in 2003, it became the largest social networking web site by 2006. However, in 2008 MySpace was overtaken in terms of users by its biggest rival Facebook. It continued to see its audience drop as people abandoned the site for Facebook's better features and user interface. Comscore now says that MySpace had just 33.1 million unique visitors in August 2011, a drop of 44 percent from the same period a year ago.

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12 Comments

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I don't use MySpace anymore because of the lack of emphasis on friends profiles.
I still have faith in Justin Timberlake that he can turn MySpace around, but the creative direction shouldn't be about the original music and videos and stuff, leave that to youtube and mtv. MySpace was originally all about having your own website for free to express your own creative interest.

I thought they JUST got through a revamp!!! I mean look at the logo, My ____ lol....
That reminds me of Kingdom Hearts II when pence says, "All our ____ are gone!!!"

It's funny how things change. I remember when Myspace was the big thing and Facebook was this little upstart that everyone was laughing at and calling a complete joke.

What happened with that whole MySpace / Facebook integration. A year ago if I recall Myspace had it set up that when you went to their website to sign up, you would essentially be creating a facebook profile

WP7 said,
MS should have bought MySpace and metrofied it and compete against Facebook

wait till they metrofy windows live/ hotmail.. its gunna be awesome

I wouldn't say few people care about it. Its still a great place for new bands and singers to showcase their stuff.

I can see it being a successful music-social-network if done correctly.

I don't think it will ever get back to being as popular as it once was though.

Slugsie said,
Does anybody actually care about MySpace anymore?
Some people care about the competition.
It's not much about, whether people will use MySpace again.

They should revamp themselves out of business. Trying to keep alive a platform that few people care about is just silly. It takes a wise person to admit a screw-up and an even wiser person to cut their losses. Clearly no such people exist behind My_____.