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July 01, 2011  | by: Bianca Salvant

Justin Timberlake

Social networks are quickly taking over the internet. It has gotten to the point where the first thing people reach for when they wake up in the morning is their phone, often to type a morning tweet. Others go on vacation and itch to upload the photos on Facebook.  There are those who use social networks as a diary, displaying their entire life on their computer screens in hopes of, maybe, getting some attention. And amidst all that, there’s Myspace, the website that was introduced to us in 2003 and occupied everyone’s attention for hours on end.

Now, it’s caught Justin Timberlake’s eye.

Back in the day, Myspace allowed us to browse our friends’ profiles, look at pictures and leave comments. In a short period of time, everyone was using it, and if someone didn’t have it, they quickly hopped on the band wagon. But then three years later, Facebook and Twitter were released and suddenly no one cared about Myspace anymore. In March 2011, market research figures released by comScore suggested that Myspace had lost 10 million users between January and February 2011, and that it had fallen from 95 million to 63 million unique users during the previous twelve months.

So when I found out that Justin Timberlake and Specific Media coughed up $35 million in cash and stock for Myspace this year, I was a little confused.  Maybe they know something we don’t.  Apparently, Timberlake wants Myspace to focus on music and entertainment.

“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,” Timberlake said in a statement.

I think Myspace would be a good spot for Timberlake & co. to involve entertainers and artists the way Justin described, mainly because it is already familiar to a mass majority of people, therefore, there isn’t much to learn. Also, it is used now by many recording artists anyway, so they might as well make that its sole purpose.

I am curious to see how this will turn out. What do you think will be the result?

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