MySpace Re-Strategies Itself To Become Hulu of Online Music Industry

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It seems MySpace has still not gievn up and is making a come-back efforts from coma. Earlier day’s social media giant, which was destroyed badly by Facebook, has already been transformed into a site for music listener. Few months earlier company was unable to find a suitable buyer but it was sold at the cost of just $35 million to Specific Media. Now it looks like MySpace’s new owners have boosted power into it. At an Advertising Event on Monday, Company has elucidated its prospect stratagem to concentrate on music in future.

Company’ Owner Specific Media reveals that it wants MySpace to become the number #1 online music destination community and also said that its mission is to feed the energy of youth culture everywhere.

However Specific Media strategies mainly depend on MySpace prior licensing agreement. Company has an agreement with four largest music labels as well as with 20,000 independent music labels all across the world.

In online music market MySpace will face competition from several well-known online music community all across the world. Companies like Vevo, MTV, Spotify, Rdio, MOG, Rhapsody, Grooveshark and many more online music channels are there to challenge MySpace.

On the other hand, MySpace are gearing up to establish itself as a largest online music community which not only play music files, but also could discover music, provide customized radio channels, reports on music news and launches. Company also wants that users could be able to share their music track with their friends.

MySpace owner Specific media wants it to be next Hulu of music site. It looks like an ambitious goal for a company who is going through bad patches in last few years. Also, the traffic of MySpace has decreased drastically in last few years. It will not be an easy task for company to become number one music online community, since it will face competition from its old rival Facebook, which has just launched online music community at F8 Developers’ meet in collaboration with Spotify, Rhapsody and several others online music giants.

Below Are Some Pics which provide clear idea about competition as well as  new look and product vision of MySpace:

It looks like the competition in online music market is also increasing as in social media. Let’s see who will conquer the top place in coming years and how it will benefit MySpace.

Readers please give your views.

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