SexyBack singer Justin Timberlake takes an ownership stake in MySpaceTimberlake, who plays Sean Parker in The Social Network, has partnered with Specific Media to pay $35 million for the faltering social network.
This represents a significant drop in the value of MySpace after News Corp bought the site for $580 million in 2005. With user numbers falling rapidly and reports of up to 50% staff cuts, it is no wonder that the value of the company has plummeted so dramatically.
However, Timberlake suggests that "there's a need for a place where fans can go to interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place." (sounds awfully like a social network that Timberlake was fictionally involved with).
The announcement claimed that Timberlake will be playing an active role in both the functionality and design of the new MySpace that is due to be unveiled at a press conference later this summer. The new MySpace is also set to launch "socially-activated advertising campaigns" which would let users share their favourite ads with friends.
The whole project seems somewhat ironic in the wake of the following interview with the real Sean Parker who goes on to explain the failure of MySpace. You can skip forward to 20.54 to see Parker's response to "Why did MySpace go wrong?"
What remains to be seen is whether this venture is a genuine attempt to re-invent MySpace or an elaborate PR stunt by Specific Media. What do you guys think? Let us know your thoughts in the comments section below...
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