MySpace has launched a new version of its website focused on social entertainment in an attempt to regain share in the social network market.
New features of the site include a refreshed design and logo, personalised streams of content for users and the ability for users to sync social accounts across networks.
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MySpace chief executive, Mike Jones, said MySpace is no longer trying to compete with Facebook but re-establishing itself as a social network for music and videos, reported Reuters.
MySpace had more than 42% of the social network market in 2007, surpassing newcomers such as Facebook and Twitter. According to SocialTwist, MySpace now accounts for just 15% of traffic.
"Make no mistake - the days of MySpace as a general-purpose social network taking on Facebook are long gone, and MySpace recognises this," said Forrester analyst, Augie Ray, in a blog post.
MySpace is focusing on entertainment. "Given the amount of socialising that occurs about favourite shows, movies, bands and celebrities, MySpace has the opportunity to mine a rich vein of information and discussion. Some of its traditional users may not like the change in MySpace, but it seems poised not just to retain current users but to recapture lapsed ones and gain new users, as well," Ray added.
MySpace has also replaced its traditional customer relationship management (CRM) service with a social CRM, saving £2m and increasing customer satisfaction "threefold" since last year. The social network believes this will win back MySpace's competitive advantage.
The newly-designed Myspace is in beta and will be available to all users worldwide by the end of November.