First, a little bit of background. The MySpace that most people think of was defunct by 2011. No one was using it and a bunch of money was being spent on staff without revenue coming in the way it was expected when Rupert Murdoch bought the site for $580 million in 2005. 

In 2011 is when Justin Timberlake (and a few other investors) purchased the brand for $35 million. Now, this might seem crazy until you think about what MySpace was all about in the beginning and what Justin Timberlake primarily does for a living - music. 

MySpace was officially relaunched by Timberlake in June 2013, in the process getting rid of the old site completely. And it is a beautiful thing. 

As a competitor to Facebook, MySpace clearly lost. But it is not a competitor to Facebook any more. In fact, you can use your Facebook (or Twitter) credentials to log in if you want. 

In the new re-imagined world of MySpace Justin Timberlake created a competitor to Pandora or Spotify, and in my opinion a real competitor. I had used the paid version of Pandora for a couple years at this point. But MySpace is just better in my opinion. Here is why: 

• It is free
• Yes, there are ads, but compared to the ads on the free version of Pandora they are much fewer and less intrusive
• You have complete granular control. No longer do I have to pick broad genre and artist categories and hope that I get songs I like, I can find each and every song I love and put them exactly where in the playlist I want. 
• I get music and pop culture news and articles that are totally unique
• It is easy to find related artists, songs, and even friends (by genre only or by searching things like location to find people near me that like the same music - concert buddy anyone?)
• Because it started as a music platform there is a LOT of music there - I have yet to find a song or artist that I can't find 

So yeah, basically if you like listening to music suck it up, get over the eye rolls you will get, and check out MySpace. Seriously. And yes, you will have interesting conversations with your friends like this one I had on Google+ (read the comments, you will laugh): 

And yes, I did just reference Google+ as well, but that is a subject for another post. 

Okay, so you are not a musician. Other than listening to great music, what does MySpace have to do with you, right? 

Well, it has a lot to do with you if you want to use social media effectively. Let's go over a few of the finer points: 

• Don't assume. Social media grows and evolves every day. What worked a year ago does not work today in a lot of ways. 
• Know your audience. Where MySpace took a wrong turn was when it started to try to appeal to the masses instead of keeping its core strength - what Justin Timberlake is trying to get back to. As a business in the Internet age don't be afraid of specialization. Don't be afraid of owning your niche, and most importantly don't be afraid of losing people. Better a core group that is in love with you than a whole bunch of people who are lukewarm. Know what makes you special and own that 100%. 
• Stuff changes. MySpace was at the top of the social media pile for a while. As much as I love the new platform, Rupert Murdoch definitely lost a lot of money betting that it would stay that way. The nature of business (and life) is change. Especially now. Those who succeed the best will be those who can change the best (while remaining authentic at their core - yes it is the paradox of the new world). 

So what do you think? Are you going to give MySpace another chance? How will this make you look at your business and social media strategy differently? I would love to hear about it!