updated 06:55 am EDT, Mon October 3, 2011
New MySpace owners to talk strategy today
Ad producer Specific Media, the new owners of MySpace, are set to outline their strategy to help rebuild the ailing social web service. "Future of MySpace Talk" will be hosted by Specific Media CEO Tim Vanderhook and is open only to "CMOs and senior marketers." Justin Timberlake, an investor in the Specific Media/MySpace deal, is expected to be on hand at the special event today.
As recently as last week, Specific laid off a small number of its staff. This was in order to help streamline its operations according to a statement issued by the company's COO Chris Vanderhook. The recent layoffs come on top of the recent halving of the number of MySpace staff from 400 to around 200 employees.
News Corp retains a five percent stake in the new ownership arrangements, but has made a massive loss on its investment in the website. When it purchased MySpace in 2005, it paid out $580 million. It had hoped to pull in $100 million on the sale, but still fell well short of even that mark.
The Specific Media event will start at 10.00am today, and will have a number of activities that will see it run through to 9.00pm tonight. On the event list is a special AMP'd UP opening concert, which is by invitation only. While it is not known if Justin Timberlake will perform at the concert, he will be involved in the "Future of MySpace Talk" outlining his vision for the renewal of the site. [via All Things D]