MySpace, the platform that initiated our social media obsession, has undergone a major overhaul and emerged with a beautiful new design and functionality.

With a scheduled re-launch in 2013, the platform is reinventing itself as a music streaming service similar to Spotify and Pandora. 

Hitting the right note

According to a recent promotional video, the new MySpace has been rebuilt by artists, for artists.

In an article that appeared in The Daily Mail financial and promotional backer Justin Timberlake said that users will be drawn to the new MySpace, as it offers the opportunity to not only communicate with their favourite artists, but also listen to music, watch videos and share the latest finds.

“I'm excited to help revitalise MySpace by using its social media platform to bring artists and fans together in one community,” he explained.

Fluid functionality

Australian design firm Josephmark is responsible for MySpace's slick new look, with a strong emphasis on images and boards that is similar to Pinterest.

MySpace is also getting more social and will feature curated news feeds, the ability to share photos and sign in via Twitter and Facebook.

Plans for a mobile app are also afoot.

No money, no problems

MySpace was acquired by NewsCorp in 2011 for US $35 million, a huge drop from its 2005 value of US $580 million.

According to a leaked memo, the platform needs to raise US $50 million for its 2013 release if it hopes to compete with the other music services.

At this stage there will be no charge to sign up to MySpace, with money generated through onsite advertising.

Incoming CEOs Tim and Chris Vanderhook revealed in an interview with ABC's Download that they planned to avoid the bold advertising used by MySpace in the past.

“We want our advertising to be like Vogue Magazine. Nobody ever complains about a Chanel ad in Vogue,” the pair told Download.

MySpace is now open for new sign-ups. 

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