Justin Timberlake buys MySpace. So is he mad or brilliant?

The news today is that Justin Timberlake has joined up with a California Based Digital Agency, Specific Media, to buy what’s left of MySpace has been met with gasps of amazement and amusement in equal measure.

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Why would someone who seems to be rational look to buy a basket case such as MySpace, particularly as it’s costing $35 million?  Or is the fact that it’s only $35 million, when Rupert Murdoch paid around $100 million for it in 2005, a stroke of genius?

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Commentators seem to agree that the main issue with the site is that it has no strategic focus, although it is regarded as a good place to find new up and coming musical talent, so does having a musician at the helm mean that it can finally find a niche and start to generate sufficient profit to make it worthwhile?

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As with all these things, time will tell, but in the meantime he’d better hope that Google’s new social offering, the +1 group that was announced yesterday, doesn’t steal any of the market space that MySPace currently operates in, otherwise it’s bye bye $35 million….