MySpace was recently purchased by the advertising network, Specific Media who announced later that popular singer and actor Justin Timberlake has also joined onboard the ownership of the social media website and will be participating in the revamping strategy to turn the website around.
At an ‘exclusive press conference’ later this summer, Timberlake and Specific Media are planning to share their ideas for MySpace. No specific details were mentioned other than the idea that the two are preparing to make MySpace a "premiere digital destination for original shows, video content and music."
"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," said Timberlake in a statement announcing the move. "Myspace has the potential to be that place. 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."
Therefore the statement answers the question of music being an important part of MySpace under the new management. Even though main speculations about the position of MySpace Music’s combined deal and licenses which enable MySpace Music to stream music without any cost, have arisen, so far nothing appears different. The label sources with inside knowledge reveal that MySpace Music joint venture will continue as before, with Specific Media just assuming ownership stake in the division, and the music licensing will continue as before.
"It's pretty much business as usual," said one source.
This will not be the first experience Timberlake has with a social media website. He played the part of Sean Parker, an initial shareholder in Facebook, and consultant and president in the movie ‘The Social Network’. Now it appears that he will be playing the same role in real life to turn the boat around for the struggling MySpace network, which has seen rough days mainly because of the insurmountable popularity of Facebook.
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