Can Justin Timberlake’s Moves Revitalize MySpace?

Less than two weeks ago, I came across an interesting article titled, "Ten Brands That Will Disappear in 2012." On that list was MySpace. Launched in 2003, MySpace was once the world’s largest social network based on visitors from 2006 to 2008, but eventually died out due to the growing popularity of Facebook and other social networks.

News Corporation (NYSE: NWS) purchased MySpace in 2005 for $580 million and announced in February its plans to sell the social network or possibly shut it down if they weren’t able to find a buyer. Until recently, things were looking pretty grim. Then the Irvine-based digital media network, Specific Media, purchased the site on June 29 for what many news sources have reported to be in the ballpark of $35 million; six percent of News Corp’s original purchase price. But that’s not all. Music and entertainment artist Justin Timberlake also wanted a piece of the action. Timberlake, who starred in last year’s Oscar-winning film “The Social Network,” which revolves around the rise of Facebook, will also take ownership and play a crucial role in revitalizing MySpace.

This news has led me to wonder exactly how they’re planning to make a comeback and compete with powerhouses such as Facebook and Twitter. In my opinion, MySpace has a lot of work cut out for them. First and foremost, they’re going to have to find a way to overcome the “creepy” stereotype.

In addition, it will be interesting to see what MySpace’s marketing team has up their sleeve. They’re already off to a good start just from recruiting Timberlake. I’m also curious how businesses can get involved. With the little amount of information that’s been released, here are three ways companies might be able to get involved:

1. Restaurants/clubs: Specific Media’s CEO Tim Vanderhook said that the new MySpace will become “the premier digital destination for original shows, video contest and music.” Knowing that there’s going to a big emphasis on music, I would encourage restaurant and club owners to consider getting involved. After all, this might be a great strategy for booking live talent to sing or play at your next evening event. It might even be fun to pick a few individuals with musical talents in your area and bring them into your establishment for a “sing off.” This would definitely be a fun way to raise awareness and bring people through your doors.

2. Next generation: Vanderhook said he plans to “drive the next generation of digital innovation.” If your company sells products that are geared towards younger audiences, this might be a great way to connect and increase awareness with that demographic.

3. Events: If you’re company is hosting an art, music, comedy, sports or other event, MySpace might be a great way to promote it and raise your attendance.

It will be interesting to see what plans are revealed in the coming months, but as of now, social networks such as Facebook and Twitter provide businesses with great opportunities to engage with their customers and raise awareness. I’m looking forward to learning more about the new MySpace later this summer and how companies will be able to interact as well.