Can Justin Timberlake Save MySpace? I Don’t Have Much Faith.

Unless you have been off the grid you must have heard that MySpace was sold this week for $35 million, quite a loss from it’s over $500 million purchase price. Shortly after the news of the sale it was also mentioned that Justin Timberlake is taking part ownership in MySpace. Initially I thought he might have been part of a investment group, but the reality is he will have much more involvement in the new Myspace. Mashable posted the short update below on his involvement.

Timberlake was quoted saying, “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,”

Justin, there are a couple places for that right now… Facebook and YouTube. You might have heard of them. “MySpace has the potential to be that place,” no MySpace HAD the potential to that place. I think the window has closed for MySpace be a player in this space. First of all you have the name MySpace, as a brand I think it is pretty tarnished and holds no credibility. It has been the joke of the internet for a couple years.

They go on to say… They also plan on launching “socially-activated advertising campaigns,” according to the statement, which would let users share their favorite ads with friends.

Raise your hand if you are looking for a place where you can share ads? I thought so, not too many. If you feel compelled to share ads, again there are two great places that you can do that now; Facebook and YouTube.

I don’t think Justin Timberlake is going to be able to bring any special insight to MySpace. MySpace has been beaten down so much it will take something amazing to bring it back to being a serious player.

Today, we learned MySpace had been sold for $35 million to an advertising network called Specific Media. Now, the company says singer Justin Timberlake will take an ownership stake in MySpace and play a role in its future.

According to MySpace, we should know more about Specific Media’s and Timberlake’s vision for the the company later this summer.

“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,” Timberlake said in a statement. “Art is inspired by people and vice versa, so there’s a natural social component to entertainment.”

Timberlake and Specific Media plan on focusing the site on entertainment, aiming to make it the place to go for original shows, videos and music. They also plan on launching “socially-activated advertising campaigns,” according to the statement, which would let users share their favorite ads with friends.

We’ll have more when we hear it.

via Justin Timberlake To Take Ownership Stake in MySpace.

3 thoughts on “Can Justin Timberlake Save MySpace? I Don’t Have Much Faith.

  1. @Paul – that’s wishful thinking. I’m not sure JT read the financials of Myspace before he cut in…
    They did have an outrageous burn rate – hope they get that leveled, otherwise on his next board meeting JT will be pulling out the checkbook again…

    But we do wish them a grand rebranding, oh, they’ve already done that.
    So just luck!

    M.

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