Specific Media will work with Justin Timberlake to help it revive the fortunes of Myspace following its $35m acquisition from News Corporation.
Working alongside Specific Media founders, the Vanderhook brothers, the deal sees Timberlake take an ownership stake in the social networking platform, while he will also play a role in developing the creative direction and strategy for Myspace, with the strategy expected to be unveiled later this summer.
Timberlake commented: “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.
“Art is inspired by people and vice versa, so there’s a natural social component to entertainment. I’m excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community.”
The plan is understood to aim to make Myspace a ‘premier digital destination’ for original shows, as well as video and music content.
Social activated advertising campaigns will also be enabled through the platform, with the aim of offering brands the ability to turn their campaigns viral by allowing friends to share adverts.
Tim, Chris and Russell Vanderhook founded Specific Media in 1999, and now plan on using its advertising technology and client base to create a digital hub which will allow consumers, content and brands to connect according to mutual interest.
“We’re thrilled about the opportunity to rebuild and reinvigorate Myspace,” said Tim Vanderhook, CEO of Specific Media. “We look forward to partnering with someone as talented as Justin Timberlake, who will lead the business strategy with his creative ideas and vision for transforming Myspace. This is the next chapter of digital media, and we are excited to have a hand in writing the script."
News Corporation will continue to hold a minority equity stake in Specific Media as part of the agreement.