MySpace Will Relaunch Later This Year. Justin Timberlake Is The Creative Director Of The Site Now.

MySpace was one of the hottest assets in the social networking scene until Facebook toppled it in 2008. But even then, MySpace managed to retain a loyal following among musicians that appreciated how easy it was to have their own work hosted online for all to sample. Yet, platforms like Bandcamp and Soundcloud began depriving MySpace of even these. Defeated, MySpace was finally bought by Specific Media in June for a pittance of its former value ($35 million).

And now, after a couple of months of silence Specific Media has announced the relaunch of MySpace. This time around, the focus will be on beating services like Spotify and iTunes. The launch campaign that has been planned will feature a wealth of celebrities and brands acting as promotional partners. Justin Timberlake (who owns a stake in the company) will be the site’s creative director. Timberlake has often expressed his belief that MySpace still has the potential to be the place where “fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.”

When it was at its height, MySpace managed to have 70 million unique visitors each month in the United States alone. Even today it gets about 20 million monthly visitors.

Yet, it remains to be seen what impact can the rebranded MySpace have in a scene dominated by services and apps like Spotify, Bandcamp and Turnatble.fm. Even YouTube is a threat to it nowadays – many people who fled MySpace actually went to the popular video sharing service, and opened up their own channels there.

So, what do you think? Is it possible for MySpace to stand in the limelight back again, or has the service basically had its day? Sound off in the “Comments” below, I’d love to know how you feel, and whether you’re giving the “new” MySpace a look when it finally comes around.