MySpace has been catching attention once again since it was redesigned in September by Specific Media, its new owner, and supported by Justin Timberlake, one of the site’s investors.
Meanwhile, a more recent report says that MySpace will be re-launched as an alternative to Pandora and Spotify, and that it is seeking additional funds amounting to $50 million to do so.
In reaction to the said report, however, Web experts are not so enthusiastic.
MySpace Hitching its Wagon?
According to CNET’s Greg Sandoval, all this talk about how MySpace will be a rival to Spotify is “silly.” He explains that the site is just “hitching its wagon” to Spotify and Pandora since these are extremely popular at the moment. He cautions against reading all they hype about it.
Not Going to Happen
Likewise, TechCrunch’s Josh Constine thinks that MySpace becoming a rival to Pandora and Spotify will not happen. While providing affordable music through streaming is okay, he says the plan is not likely to rake in a lot of money.
He also notes that even if MySpace gains by saving on royalty fees through streaming unsigned music, paying for the record labels will not be as easy. Constine explains that it would take a lot subscribers and a big advertising and sales team to pull it off, which he says makes MySpace’s plan almost “laughable.”