MySpace Sold For $35 Million- Justin Timberlake On Board

The almost extinct social networking site MySpace has finally been bought out after being put up for sale a few months ago. The whimpering veteran service was acquired for a mere $35 million by an advertising network called Specific Media. It has now been revealed that Justin Timberlake will be buying a stake in the site, trying to get involved in the company’s future.

The singer come actor has earned an association with the social networking world after portraying Sean Parker in 2010’s award winning movie The Social Network. Timberlake’s character manipulated the fictional Mark Zuckerberg and had a huge impact on the goings on behind the scenes of Facebook. Timberlake will be looking to do the same with MySpace, helping to get it back on its feet and making it “cool” again, despite previously admitting he is not keen on social netwoking. But has Facebook caused unrepairable damage to the once great social networking site?

According to Mashable, Timberlake and Specific Media plan on focusing the site on entertainment, a feat that Facebook has in abundance. Not only can users communicate with all of their friends, they can share videos, music and pictures as well as play a number of games and rent movies to name but a few of the features. Many of these new features MySpace did not implement which is why they were left behind while Facebook has been the runaway success of the last 3 years.

Specific Media and Justin Timberlake has announced that they will talk more about the plans for MySpace later this summer. Just the fact that JT is on board with this project is enough for a flock of fans to come running back to MySpace if they know it will help him and the site. After all, Facebook lost active users in the US and UK last month so there must have been something they disapproved of, maybe it was boredom. MySpace may be able to capitalise on this by making something unique.

If MySpace can introduce features to the same level as some of its rivals then there is a chance it could be the subject of a miracle revival and become used again. The real problem is its reputation, as it is widely been branded as “uncool” since Facebook has been in the spotlight. Even if Justin Timberlake and Specific Media can work miracles with the site, there is still no guarantee people will use it based on its previous history.

Timberlake remains confident that MySpace still has a part to play in people’s lives though, saying “Art is inspired by people and vice versa, so there’s a natural social component to entertainment.” It has also been revealed that MySpace’s new owners will use “socially-activated advertising campaigns” when the site is revamped. Would you ever go back to using MySpace if the site was rebuilt? Or is it a lame piece of the past that will never get used again? Leave us your thoughts in the comments.