Site moving away from social networking
Myspace has finally launched its redesigned site, which focuses on music discovery and playback. The improved media integration marks a dramatic strategy shift that was first announced several months ago by the site's new owner, Specific Media, in an attempt to rebrand the service as the "Hulu of music" rather than maintaining direct competition with Facebook as an alternative social network.
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.’
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.
MySpace now settling on 35m sale to Specific
(Update: Justin Timberlake is involved) MySpace's imminent sale has now been finalized as a new leak confirmed a deal has been struck. Ad producer Specific Media has agreed to buy the social network for $35 million. Under the terms seen by AllThingsD, current owner News Corp would have a "less than five percent" stake but cut the 400-person staff count in half.