Earlier this month, the dying social networking website Myspace was purchased by Orange County brothers Tim and Chris Vanderhook, owners at Specific Media for $35 million along with pop–star entertainer Justin Timberlake as another investor in the company.
Myspace, headquartered in Beverly Hills, CA and is a division of News Corporation was originally the largest social networking website online and worth $65 billion.
But Myspace failed to listen to their users and missed fundamental changes in the marketplace, said Shel Israel, social media analyst of SI Associates.
While Facebook gained online users, Myspace started losing theirs and is now down to 35 million U.S. users.
The downward spiral continued when Myspace cared more about ads and revenues than user experience.
But when the website got a brand new look last year, it was too late.
The brothers bought the website in hopes to resurrect the predominately dead business and bring Myspace back to its former glory.
“We are going to make Myspace cool again,” said chief executive of Specific Media Tim Vanderhook, requoted from a Los Angeles Times article.
Vanderhook believes that there is a massive property online with 35 million unique users in just the U.S. alone visiting Myspace.
According to the brothers, the new vision for the social networking website is that it will be a place users can interact with celebrities and artists plus view content exclusively for Myspace.
Apparently, Myspace is going to have a bigger focus on music because of the targeting technology to viewers by promoting up–and–coming artists.
Plus, with minority stakeholder Timberlake as part owner of Myspace, the pop–star is expected to help increase the company’s music service. Timberlake will also have his own office and staff.
The website will also become uncluttered and simplified with a new design.
Myspace was founded in 2003 and soon became one of the hottest social networking websites online. The site launched music careers and drew millions of curious online users looking to find bands and friends. In 2005, News Corp. paid $580 million for the website.