MySpace's new owner, Specific Media, is set to relaunch the service in partnership with Justin Timberlake later this year.
The revamped social network is currently being beta tested by MySpace employees before opening up to artists and then the public at large.
Specific Media, owned by brothers Chris and Tim Vanderhook bought MySpace from News Corp for $35 million with Justin Timberlake.
Thank you for the music
A site relaunch back in 2010 stripped out a lot of the features that musicians used to promote their music and gigs, effectively alienating its core users. The Vanderhooks and Timberlake aim to put MySpace's focus firmly back on music and helping artists with promotion.
"MySpace is the only site in the world where you can get everything an artist does if you're interested in that artist," says Chris Vanderhook. "To do all those things would probably take you 30 different properties."
It currently has a collection of 42 million songs – twice that of Spotify – though a lot of that is the work of unsigned artists.
It remains to be seen whether a reversal of MySpace's fortunes can be accomplished, but after two years of rapid decline, our research found that its fortunes were on the mend after a long-overdue change of management.