After a two-year hiatus the site has relaunched with a new $20m campaign, highlighting its new position as a place for individual creativity and music.
The social network, which sold for just $35m in 2011, will now offer its users a host of new features as well as an iOS mobile app and music streaming service.
Focused on musicians and other creatives, like photographers, songwriters, producers etc, and what they want from a social network, company CEO Tim Vanderhook, said it was decided early on that Myspace would be positioned as a single hub that can do everything other social networks can do.
The relaunched site allows users to scroll horizontally, rather than vertically, and is image heavy, making it feel more like Tumblr or Instagram.
Users also have the ability to log in through Facebook or Twitter.
Both the mobile app and desktop version feature MyRadio, a streaming music player with radio stations curated by Myspace community members.
To promote the site a new $20m ad campaign has been launched, comprising network and cable television, radio and online.
Two spots have already been released, a 90-second one running on broadcast and cable showing teenagers and musician already on MySpace, and another for digital advertising starring singer Sky Ferreira. Aimed at the 13 - 30 market, the ads will also be cut down to 30- and 15-second clips.
The TV campaign will run for seven weeks and the digital campaign will run beyond the end of the summer, according to AdWeek.