The Myspace relaunch of Myspace Music with Justin Timberlake as prime spokesperson is close to completing its redesign, and ready to launch a new experience that combines music, video, social media and news with reviews into Myspace 2.0.
To make things even juicier, Business Insider leaked Myspace documents showing that Myspace Music fully intends to challenge Pandora, Spotify and the the rest of the streaming music services with the new web site experience. Its owner, Specific Media, is pouring $50 million into Myspace, with Business Insider breaking this down as: "$10 million will go to marketing, $15–$25 million will go to licensing deals with the music labels, and another $15 to $25 million will be reserved for "general working capital." They've already poured $35 million in to buy it, so $85 million into Myspace means more than serious money, the outcome is tantalizing.
Myspace is clearly positioned to revamp this whole streaming music thing when combined with the entertainment publishing arm it has for new, reviews, video (including live streaming shows) as a whole concept. If you're laughing at Myspace's chances right now you're looking backwards in time, instead of forwards and recognizing the trend. Nobody has combined everything that Myspace had in the wake of its demise: social media, streaming music, video and news/reviews/editorial content. If they play their cards right, it can go over big.
Think Pitchfork + Spotify + YouTube + Twitter, and you've got a potential redefinition of music discovery as a web site. Each of those sites does what they do well individually, but Pitchfork isn't social, YouTube and Spotify have no written content, and Twitter just lets you socialize and point out links to interesting things. Myspace does all of that, in one place. Plus, the one thing we all remember Myspace for: Myspace Music, the place where bands go to network with the world.