MySpace, back when it mattered.

Once upon a time, News Corp’s acquisition of MySpace was hailed as a genius move.  MySpace was the hottest property online, and News Corp picked it up for a fraction of its total worth, despite the fact that Rupert Murdoch had to pay $580 million for it.  Shortly after the sale, MySpace signed a $900 million dollar advertising deal with Google and was valued at $12 billion.  Then, the bottom dropped out, Facebook took all of MySpace’s customer base, and MySpace became worthless.  News Corp finally sold MySpace yesterday to online ad firm Specific Media for $35 million; the sale comes after several years of MySpace layoffs.

Another investor in MySpace’s ownership group?  Justin Timberlake, who will have an office at the MySpace complex.  Said Timberlake, “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.  Myspace has the potential to be that place.  Art is inspired by people and vice versa, so there’s a natural social component to entertainment.  I’m excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community.”

Really, if MySpace is going to survive, it’s going to be because of how important MySpace is to musicians.  There’s no better hub online to share videos and music, keep fans updated on concert tour dates, and just be available to fans; Facebook has improved this functionality, but it’s still not as good as MySpace was.

Tags: MySpace, News Corp, Justin Timberlake, MySpace sold by Fox, News Corp sells MySpace, Myspace sold for million, Specific Media, Specific Media buys MySpace for million, MySpace sold, social networking, social networks, Justin Timberlake buys MySpace

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