The big news this week is the announcement of MySpace throwing their hat into the music streaming ring. The ‘original’ social networking site is being re-branded and re-vamped as a music streaming site looking to compete with the current king of the music streaming world: Spotify. MySpace is trying to raise $50 million to finance next year’s relaunch in an attempt to attract investors with a new design interface and backing from global superstar Justin Timberlake. Timberlake, who partially funded the $35 million purchase of mySpace from Newscorp, has stated that he is ‘excited to revitalise MySpace by using its social media platform to bring artists and fans together in one community’. The new MySpace hopes to become a central hub for music fans allowing them to listen to music, watch videos and share cool stuff. The company intends to spend $10 million on advertisement alone and plans to launch a mobile phone app allowing users to subscribe to their music streaming services. MySpace has alreadly claimed to have an advantage over its major rival Spotify in terms of the number of tracks in its music catalogue.MySpace claims to have 42 million songs on offer compared to Spotify’s 15 million songs. However Spotify has built up a userbase of 23 million users around the world.
In short, the battlelines have been drawn for supremacy of the music streaming world. Will mySpace be able to make one of the greatest comebacks and dethrone Spotify as the no.1 music streaming service? Only time will tell! However it is going to be a wild and exciting time for music lovers all over the world. Let battle commence!
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