Music industry darling and now worldwide social outcast Myspace has cancelled a press event to relaunch the site due to missed deadlines. The social network, who has struggled to remain relevant in a Facebook orientated world, was recently sold by News Corporation to a consortium of investors for a mere $35 Million.
One of those investors, Justin Timberlake, said at the time “There’s a need for a place where fans can go to interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place.”
Timberlake’s manager also revealed plans to turn the site into a virtual talent quest competition, saying “Whether it becomes a talent competition or something like that, those are things that we will still flesh out”.
Since then traffic has been declining at an alarming rate. In August this year the site attracted 33 million visitors, a 44% decline from the same time last year. The Wall Street Journal reports that changes to the site have been “incremental” and were not moving at a fast enough pace to meet the event date.
Instead, the new plan is to reveal the makeover at a concert hosted by Timberlake at the Advertising Week event in New York next month.
