Still, getting people off of their current music platforms—Spotify, last.fm, Pandora—and onto a new one might prove difficult, especially with a saturated social media market.
"My question is what's the point of this?" says Natalie Petouhoff, who teaches social media strategy at UCLA's Anderson School of management. "I think a lot of consumers are suffering from social fatigue, which is too many places to go, too many places to comment, to like, to tweet."
That means that a new site—or even a revamped one, like Myspace—may face a tall hurdle in attracting already-busy social media customers. If Myspace, with its name recognition and high-profile backing from investor Justin Timberlake, can't make it, it may serve as a warning to other wannabe social media sites.
"It kind of reminds me of the dot-com era where everyone was talking really fast and saying it was the wild, wild west," says Petouhoff.
Everyone knows how that turned out, and it's possible that the social media bubble is also about to burst.
Myspace did not answer repeated interview requests for this story.