News Corporation has sold Myspace for $35m, a fraction of the $500m it paid for it in 2005 and barely a third of the $100m it had hoped for. The new owners are Specific Media in whom Justin Timberlake has bought a stake.
According to Specific Media’s chief executive, Tim Vangerhook, Timberlake will have a significant role to play in the future of the ailing social network. Apparently, he will lead the business strategy and have an office at Myspace, although Vangerhook concedes he is unlikely to be there every day.
Timberlake famously played Facebook investor, Sean Parker, in The Social Network and Parker himself this week described Myspace’s spectacular fall as being a consequence of it being a ‘junkheap of bad design’.
However, in a statement, Timberlake nevertheless sounded enthusiastic about the site:
“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.
“Art is inspired by people and vice versa, so there’s a natural social component to entertainment. I’m excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community.”
