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article imageWhat's Myspace planning?

By Leigh Goessl     Oct 4, 2011 in Internet
This week Myspace is unveiling their plans to become the top online music destination, with new owner, Specific Media, sharing specifics.
Myspace's new owner plans to revamp the network with a vision “to become the #1 online community music destination,” with a mission “to feed the energy of youth culture everywhere.”
This week, at the Advertising Week conference, Specific Media is unveiling strategic plans to fulfill these goals. Liz Gannes, All Things D, was able to nab a copy of the company's presentation.
In the presentation entitled, Myspace: The Next Chapter, Specific Media goes through the history of Myspace, graphs out its market reach, describes the company's brand equity and hidden assets, and showcases itself being the "Largest Audio and Video Catalog in the World". Additionally the slides illuminate the Specific Media and Myspace partnership, outlines its strong position in digital music landscape, shares the product vision, and details how the company is planning the "rebirth" of Myspace.
Specific media has identified their target market as males and females, aged 21. They are seeking to aim their marketing at this group because of their tendency to be trendsetters; additionally, many in this demographic are more inclined to gravitate towards new music. Other key audiences identified in the plan include established performers and upcoming artists, cultural influencers and music and brand advertising partners.
Justin Timberlake is also on board with the revamp as the popular star has a strong vision for the future of Myspace. Timberlake played a pivotal role in the $35 million purchase of Myspace back in June, with a monetary investment, and was designated to play prominent role in strategic planning. Since the company is seeking to focus Myspace with a musical future, with Timberlake onboard, appears to match the musical experience with the vision.
At the time of purchase, The Guardian reported, Timberlake said in a statement: "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. Myspace has the potential to be that place," adding, "Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community."
The new business plan being music-centric perhaps comes as no surprise, as entertainment has always been MySpace's strong point. When the website was an active social network, many musicians and music fans stayed local to MySpace while other members began jumping to a little startup network called Facebook.
As Facebook rapidly exploded in popularity, Myspace's level of visitors declined until eventually Facebook emerged as the victor in the battle to be the most popular social network. Since then Myspace has had its share of changes, including tossing in the proverbial towel in trying to rival Facebook and instead partnering with the social network giant. Additionally the company has changed hands a few times over the years.
Myspace's current owner is striving to make dynamic changes, and from the looks of it, the company's leadership does not want to stray too far from Myspace's historical strong points as it moves into the future.
Specific Media is calling Myspace "The Hulu of Music" and illustrates that the website has the same level of audience that it did back in 2005. With remaining true to its musical roots, many will be watching to see if Myspace can recapture its former glory in a niche area of the social market.
More about Myspace, Music, specific media, social market