*Image courtesy of Myspace

Myspace completed their relaunch on Wednesday, officially kicking off their much-heralded attempt to regain some of the prominence they once held as a social media site. The new launch positions MySpace in a unique market space acting as part social media site and part music streaming service.

Many people are questioning whether or not Myspace has the ability to turn their fortunes around. With a household name, $35 million in new investments and Hollywood star power (Justin Timberlake is a major investor), you can count them out. How many other websites do you know with Rolling Stone articles about their launch?

Speaking of which, Steve Knopper of Rolling Stone describes the new site as having, “a strikingly modern feel, combining elements from Tumblr, Instagram, Twitter and Pinterest.” Users of the old Myspace will not find much to recognize in the new launch, as investors created a massive overhaul from the bottom up.

The real power behind Myspace is their vast network of recording label-quality content, and ability to inspire artists to connect with their fans. Knopper writes, “Myspace’s long-standing contracts with major record labels made it possible to offer a built-in music player that lets users stream songs as they scroll through pages. The new site also includes tools for artists to identify their most active followers and encourage them to network with new ones.”

Myspace presents some interesting social media marketing opportunities. Obvious ones include the ability to reach people by interest in music, comedy, audio or video formats. You can cultivate campaigns around these areas and build an engaging and dynamic new audience approach.

What opportunities do you see in the new Myspace launch?

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