2. The former leading social network site Myspace
announced in Monday that it’s getting a resurgence in
popularity due to their introduction of a new online
music player.
Over a million new users have registered at
myspace.com in the previous month, averaging
40,000 accounts activated daily. Its new owners
attribute this positive response mainly to Myspace’s
integration with Twitter and Facebook.
The ousted social network star has transformed into
an online community for music enthusiasts and
appears to be growing into a platform that is ready to
co-exist with Twitter and Facebook.

3. Instead of competing with Facebook, it is now going head to head with
online music services like Rdio, Jango, Pandora and Spotify. Myspace is
now claiming they have the biggest catalog of tracks online with 42
million songs.
MySpace was purchased by News Corp for USD 580 million in July 2005.
But according to Rupert Murdoch himself, the chief executive of News
Corp, their purchase has been a big mistake and that it was mismanaged
in every way possible.
So it was not at all surprising for them to sell it in June 2011 to Specific
Media for only USD 35 million, a mere 6% of their original valuation.
The new owners, Chris and Tim Vanderhook, along with artist Justin
Timberlake invested and reinvented Myspace. They managed to shift the
site’s focus from social networking into an entertainment portal.
Since its launch of the new music player 2 months ago, there has been an
increase in registrations and a significant rise in the amount of site
traffic.

4. Myspace appears to have a number of assets in its
possession including a huge song library, large traffic
and brand recognition that if the firm can sustain its
new-found upward trend, the new owners may certainly
have gotten a bargain.
This new MySpace player boasts of unlimited and free
music streaming from unsigned and established artists.
They also offer customized radio mode and an easy
integration with Facebook.
It’s yet to prove that this resurgence is not only an
isolated case. But with Spotify, a competitor, starting to
limit the quantity of songs that free account holders can
play, it might just be possible that MySpace can fill the
void for an online music player that provides similar
service for free.