New Owners Plan to Revitalize MySpace
Specific Media was formed in 1999 by three brothers – Tim, Chris and Russell Vanderhook. Specializing in online marketing and advertising, the company is marketed as the leader in the “next phase of the advertising evolution” as it aims to integrate video, display, mobile and IPTV into one platform. It boasts an advertiser base including Fortune 500 companies, and name-brand publisher partners. Based in Irvine, California, there are Specific Media offices across the United States and in Europe.
With Justin Timberlake as part owner of newly purchased MySpace, it is reported that Specific Media anticipate revitalizing the ailing social network platform, turning it into a place where fans can gather and interact with their favorite entertainers and each other, as well as watch videos, listen to music, discover and share new innovations. Timberlake noted that MySpace has the potential to provide this interactive platform. Speaking on behalf of Specific Media, CEO Tim Vanderhook stated that they were looking forward to working with Timberlake, who will “lead the business strategy with his creative ideas and vision”.
News Corp will reportedly be retaining less than five percent stake in MySpace, although specifics of the deal have not yet been revealed.