Justin Timberlake Invests in Myspace

It looks like Justin Timberlake was inspired by his role in the Facebook movie “The Social Network.”

Timberlake is now branching out to the social media business and has joined Specific Media, a group that reached a deal to buy MySpace, the long time rival to Facebook, according to FOX News.

MySpace—launched in 2003—was founded by Tom Anderson and Chris DeWolfe. Tom Anderson, or “Tom” is also known for being a user’s “first friend” on their webpage. But with Facebook growing in recent years, the site lost a lot of its users.

The sale of MySpace is a result of layoff of about half of the remaining 500 workers for the site, reports FOX News. The buyers of MySpace hope to put life back into the site. In a statement, Timberlake talked about the importance for music on the site. “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…MySpace has the potential.”

The CEO of Specific Media, Tim Vanderhook, told the Associated Press, “When we met with Justin and we discussed what our strategy was, we hit a chord with him…he really enjoys helping other artists and creating a community for people to really express themselves…we were blown away.”

Timberlake will have his own desk at the headquarters of MySpace, located in Beverly Hills. He will also have a staff of about six people, helping him with new ideas for the website.

The CEO of MySpace, Mike Jones, has stated that he would help the transition for two months before leaving the company, according to FOX News.