Justin Timberlake now part-owner of Myspace! Bring it on down to Bad Investmentville?

Justin Timberlake now part-owner of Myspace! Bring it on down to Bad Investmentville?

If you’re like me, then the mere mention of Myspace at the top of this article is probably serving as a good reminder that you still need to log in to your account there (if you can remember the password still) and deactivate it. Go ahead and do it now while you’re thinking about it. I’ll wait here….

If you’re not like me, than you’re probably a little more like Justin Timberlake, who Specific Media (Myspace’s official new owner as of yesterday) just revealed to be a stake-holder in the company! According to Billboard, Timberlake “will be playing a major role in developing the future strategy for Myspace.” Oh yes, folks. This thing won’t die. In fact, he and Specific Media have already declared their intentions to “unveil their vision” of Myspace v. 1,000.0 at an “exclusive press conference” they intend to hold later this summer after everyone forgets about Bad Teacher. No further details let loose, save for Specific Media’s assurance that they and JT plan on making Myspace a “premiere digital destination for original shows, video content and music.” In other words, they plan on using the internet.

It seems, then, that all the licensing stuff that allows Myspace to stream music and video for free will seemingly remain intact, with label sources with knowledge of the situation saying that Specific Media is simply taking on Myspace’s ownership stake in the Myspace Music division, and all music licensing hoo-ha will remain just as boring and difficult to report on excitingly as it was before. “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,” Timberlake crooned in a soft R&B voice at a teen awards show he hosted recently. “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 revitalize Myspace by using its social media platform to bring artists and fans together in one community.” Presumably their campaign will include Timberlake dressing in giant white gloves and a foam Myspace logo at some point, because that’s all I can remember him for at this point.

Oh, and in case you were wondering, your hunch is correct: it’s reported that Specific Media paid $35 million for the thing, as opposed to the $580 million that NewsCorp paid for it back in 2005. Myspace Tom is probably not smiling in his current profile pic.

• Myspace: http://www.myspace.com
• Specific Media: http://www.specificmedia.com
• Justin Timberlake: http://www.justintimberlake.com

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