Social Platform Market: Myspace Owners Signal Possible Relaunch

In a new documentary, owners Chris and Tim Vanderhook say they still own Myspace and plan to relaunch the site when the timing is right, though no specific timetable or detailed strategy was given. Myspace now operates primarily as a music streaming service after losing most of its original social-network features. The documentary and coverage recall the site's rise and fall: News Corporation bought Myspace in 2005 for $580 million, and within six years sold it for about $35 million to Specific Media. Specific Media was later folded into Viant, which is led by the Vanderhooks. The current owners say modernization efforts have been costly — estimating losses of more than $150 million — and acknowledged past failed restart attempts as they wait for the right moment to try again.