After a stunning decline and massive markdown that saw News Corp. selling off the company at an embarrassing loss following a long, slow death, the zombie social network shuffled forward- hinting at competing with iTunes and Spotify as a hub for music. (Although the grand relaunch was scaled back a few weeks ago.) While the shape of this scheme- anchored by buyer Specific Media- is still emerging, AllThingsD has some info on how MySpace plans to elbow its way into the already crowded music streaming space.
How, you ask? Well, the company has a handy flowchart, above- perhaps you can parse a business model or hook from it. The rejiggered MySpace has a stated goal of becoming the “#1 online community music destination” and a mission “to feed the energy of youth culture everywhere.” Erm. Some further official information is expected tomorrow, but the tech blog indicates that iTunes and Spotify are not the only big names MySpace plans to emulate:
Specific Media calls Myspace “The Hulu of Music,” with “unique content rights with Big Four labels and 20K independent labels [which] allows for ad-supported music video and audio streaming.”
In the interim, MySpace says the site’s traffic had “steadied” in the time leading up to July of this year. Could MySpace turn it all around at this point, or has the brand been too contaminated by failure to forge ahead?