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Justin Timberlake: Revamping MySpace

Posted Thursday June 30, 2011 6:46 AM GMT

It was once the premiere social networking website, and with Justin Timberlake's help, MySpace is making some serious changes to regain market share.

The “Like I Love You” singer has signed on for an ownership stake, and will play a “major role in developing the creative direction and strategy” of the company.

Justin told press, “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place.”

“Art is inspired by people and vice versa, so there’s a natural social component to entertainment. I’m excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community.”

Honcho Tim Vanderhook added, “We’re thrilled about the opportunity to rebuild and reinvigorate MySpace. We look forward to partnering with someone as talented as Justin Timberlake, who will lead the business strategy with his creative ideas and vision for transforming MySpace.”

Photo Credit: Getty Images