In these days, MySpace announced a planned relaunch with a new focus of their portal, which lost millions of users within this year and last years, and was sold by News Corp to Specific Media and Justin Timberlake in this June for $ 35 mio, while it had been bought for $ 580 mio in 2005.
The Social Media fight against Facebook was lost, therefore a complete new strategy and identity is necessary for MySpace to survive, if they have any chance at all.
The new MySpace shall be a music focused portal, competing with new strong players such as Spotify, Napster, and others. Maybe something like the unsuccessful try by iTunes to enter the social media market, combined with music, as they did with Ping?
Actually, MySpace was (and partly still is) the main “website” of many artists, and it still has a relevance in Google, when you search for an artist. Music has always been the core competence of MySpace.
It will be interesting, how “MySpace 3.0” will look like, which functions it will include, and if it can evolve again to a working portal again, with this new concept. A large marketing campaign, featuring known celebrities and brands, is planned to be launched soon.