Myspace was sold to ad-targeting firm Specific Media for $35 million June 29th, 2011, a fraction of the $580 million that News Corp. paid for the once-highflying social network during its heyday in 2005. In the days leading up to the deal almost half of it’s 400 employees were let go, which was in part necessary to close the sale to Specific Media which is re-structuring and re-shaping the company. Tim Vanderhook, Co-Founder, President and Chief Executive Officer of Specific Media has appointed Justin Timberlake, co-owner of Specific Media, to be the new “Creative Consultant” to spice up MySpace and bring it back to profitability. Timeberlake’s main focus is to reinvent the site and make it a hub for digital content sharing for artists and millions of users.
“This could be an unstoppable train,” Vanderhook says, pointing to a checklist of Myspace strengths: 70 million users worldwide; its brand name which, “regardless of perception,” is global; Myspace Music, with a catalog of 38 million songs and 700,000 musicians; and the power of social media for targeted advertisers like Specific Media.