updated 08:15 am EDT, Tue October 4, 2011
Myspace to rebuild itself as the 'Hulu of music'
Specific Media, the new owners of Myspace, have used a special event to outline their growth strategy moving forward. The company is calling itself the 'Hulu of music.' It says that it has unique content rights with the Big Four labels and over 20,000 independent labels that 'allows for ad-supported music video and audio streaming.'
Additionally, Specific is also aiming to start redesigning the Myspace website, somewhat predictably, adding a new social sharing function that it calls the 'Right Rail Social Playlist.' The company also released a flow diagram (embedded below) that outlines its plan to re-engage its lapsed audience and capture a new audience.
Specific also claims that it has a reasonably solid starting point from which to work. It shows that its current web traffic is at the same level that it was when News Corp acquired it for $580 million in 2005. Time will tell whether its plans will see the site begin to increase its market share with its presence falling away dramatically with the rise of Facebook. [via All Things D]