Myspace Owners Confirm Plans to Revive the Platform

Myspace is getting another shot at revival. Brothers Chris and Tim Vanderhook, who currently own the once-dominant social network, have confirmed plans to relaunch the platform, according to a new documentary titled “Myspace.” No launch date or design details have been revealed yet, but the announcement marks the site’s latest attempt at a comeback after years out of the cultural spotlight.

A History of Highs and Lows

Myspace launched in 2003 and quickly became a cultural phenomenon. By mid-2006, it had surpassed both Google and eBay to become the most-visited website in the US. News Corp recognized its potential early, acquiring the platform and its parent company for roughly $580 million in 2005. But the site’s fortunes soon reversed, and News Corp sold it in 2011 for a fraction of that price — about $35 million — to Specific Media, the Vanderhooks’ company, alongside pop star Justin Timberlake.

A Costly Redesign and Renewed Ambition

That ownership group attempted to reposition Myspace as a music-focused platform in 2013, but the redesign failed to gain traction. Advertisers pulled back, and the Vanderhooks say they lost more than $150 million trying to rebuild the site into something viable.

Despite that steep setback, the brothers appear undeterred. Tim Vanderhook has indicated that even if this next revival attempt doesn’t succeed, the team is prepared to try yet again.

Myspace’s legacy still carries weight in music circles — the platform is widely credited with helping launch the careers of artists like Adele and Arctic Monkeys. Whether that legacy translates into renewed relevance in today’s crowded social media landscape remains to be seen, but its owners are betting on a second — or rather, third — act.