Justin Timberlake Is Part Owner Of New MySpace, Music To Take Center Stage
Yesterday's $35 million firesale purchase of MySpace by online ad network Specific Media includes an major role for Justin Timberlake and confirms plans to focus on music. Timberlake has taken an ownership stake and will help develop MySpace's new creative direction. They'll share plans for the site later this summer, but alluded to evolving Myspace into a "digital destination for original shows, video content and music." That won't be easy, given falling traffic and competitors like VEVO, YouTube and Facebook.
“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,” said Timberlake in a statement. “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.”
Specific Media says it will also leverage Myspace "to deploy socially-activated advertising campaigns, enabling brands to turn their campaigns viral by allowing users to share their favorite ads with friends." As part of the agreement, News Corporation will have minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed.
News Corp..really messed up a great tool..Maybe it was ahead of it’s time..I think it can still be a great tool for the unknowns..because it could allow and artist that has film,music,and brand development skills a place to really push the limit..! I’m glad it’s not gone !
Unfortunately, if the system at Myspace does not improve and develop some respect for it’s producers, Mr. Timberlake has just bought a sinking ship.
Artists who are sweating their own blood to develop a fan base cannot afford to be abused by corporations that should know better, given the realities of the current economic environment, and the power of creative disruption.