Yesterday's $35 million firesale purchase of MySpace by online ad network Specific Media includes an major role for Justin Timberlake and confirms plans to focus on music. Timberlake has taken an ownership stake and will help develop MySpace's new creative direction. They'll share plans for the site later this summer, but alluded to evolving Myspace into a "digital destination for original shows, video content and music." That won't be easy, given falling traffic and competitors like VEVO, YouTube and Facebook.
“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,” said Timberlake in a statement. “Art is inspired by people and vice versa, so there’s a natural social component to entertainment. I’m excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community.”
Specific Media says it will also leverage Myspace "to deploy socially-activated advertising campaigns, enabling brands to turn their campaigns viral by allowing users to share their favorite ads with friends." As part of the agreement, News Corporation will have minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed.