Justin Timberlake Bought a Stake in MySpace?! Yup…

Justin Timberlake played Napster creator Sean Parker in a movie about Facebook.  And with all that background, it would make sense that his newest social media investment would be in…MySpace?!

Wait, what?

According to The Hollywood Reporter, Timberlake took a minority stake in MySpace after the company recently switched owners.  The new owners, Specific Media, paid $35 million for the brand.

Timberlake feels like they could turn the site around by giving it a specific purpose: a focus on music, developing new talent and further exposing existing talent.  He 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 … I’m excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community.”

Timberlake doesn’t yet have a specific title, however Specific CEO Tim Vanderhook said that they can’t wait to work with him:

“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,”

It may be a risky play in my opinion, but who knows?  Maybe in a year or two, we’ll be saying “MySpace me”…

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