logo - Myspace

logo - MyspaceMySpace, the once dominant social network, is preparing for a brand relaunch later this year, coming on the heels of its sale last summer for a measly $35 million.

According to Music Week, the site’s new owners (Specific Media and popstar Justin Timberlake) has held conversations with agencies, with a view to beginning a formal pitch process.

Specific Media’s senior communications manager for Europe, Rikki Webster, said that the agency hunt was still in its “early days” and nothing has happened just yet.

“We’ve had a few exploratory conversations within the marketplace, but no formal pitch process is currently being undertaken,” Webster said. “MySpace will look to roll out consumer-facing activity towards the end of this year, at which time we’ll most likely undertake a formal pitch, but nothing is happening at this time.”

What these plans mean exactly were unknown at press time.

The move follows the $35 million sale of Myspace in June 2011 by News Corp. to advertising firm Specific Media (alongside Timberlake), six years after it was purchased for a whopping $580 million in 2005.

In recent years, Myspace has moved away from a pure social media to a focus on entertainment, with Timberlake being involved in the promotion of the site’s involvement in artists’ creativity.

MySpace was the most visited social networking site in the world between 2005 and early 2008, before the rise of Facebook and other popular social media. It was also credited with launching the careers of pop stars such as Lily Allen.

News Corp. chair Rupert Murdoch later called the $580 million purchase of Myspace a mistake. #SMH.