STAR of one of the hit films in 2010, Justin Timberlake now has his own Social Network. The actor and singer, who featured heavily in the film about the birth of Facebook, now own MySpace, alongside another US advertising agency.
News Corporation have decided to sell the social networking site, which in recent years, has really struggled to keep up in the social network world, largely thanks to Facebook’s domination and the rise of Twitter. The deal is thought to be around £22million, but falls well short of the £60million that News Corporation wanted for the company.
With Timberlake’s help, the new owners are hoping to be able to revive MySpace’s fortunes. Understandably, Timberlake is delighted and sees some promising opportunities for his new venture;
“I’m excited to help revitalise MySpace by using its social media platform to bring artists and fans together.”
Under the deal, News Corp will retain a minor five per cent stake in MySpace, and now has holdings in the US firm that has teamed up with Timberlake to thrash out the deal, believed to be Specific Media.
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| UNPOPULAR: Can Timberlake turn around the fortunes of MySpace? |
MySpace has been around on computers, phones and various networks since 2003. News Corp has owned MySpace since 2005 but in the last three years, it has simply failed to cope with the excessive craze people have for Facebook. I know this personally, having had a MySpace account myself in 2007, but deleted it last year, due to the lack of use of the site. The early plans for the change in MySpace will be to boost its content of music videos, blogging and original TV shows.
It is a brave move from Justin Timberlake to enter into the social networking world and he will need to spend a lot of time to eclipse Facebook and turn MySpace into a worthy and strong challenger again in this particular genre.
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