Justin Timberlake will be working with Specific Media, the ad company that purchased social networking website MySpace for $35m this week, to “rebuild and reinvigorate” it. Timberlake invested in MySpace but the amount has not been disclosed. The sale marks the end of a drawn out and disappointing venture for NewsCorp, which paid $580 million for MySpace 6 years ago, when it was a darling of the emerging social media universe.
Specific Media, a little known ad company that sells ads on other websites, said it will partner with pop music singer Justin Timberlake to reinvigorate MySpace by transforming it into a website where people can listen to music, watch videos, and contact entertainers, although MySpace had been pursuing this approach for several years with little observable success.
While MySpace has been consistently losing members every month in recent memory – it now has just 35 million active members; comScore said it has some of the best and most complete data in the internet because of its user profiles. Specific Media will use that data to target the advertizing it will place on the space MySpace is giving it on its website. Users will be able to share their favorite ads with their friends after Specific Media creates what it called “socially activated” campaigns.”
Tim Vanderhook, Specific Media CEO, said its goal is to build a “digital media company on par with Yahoo, AOL, Facebook, and all the other big names out there.”
MySpace CEO Mike Jones will leave the company, although he will stay on to help manage the transition for the company he worked for, and also bid on.