Room in Asia for MySpace?

Just last week, music oriented social network site MySpace relaunched itself for the second time after a complete revamp, under the ownership of ad company Specific Media backed by singer Justin Timberlake.

While the new MySpace is said to have a sleeker look with site navigation made much simpler for users, what stands out at the first glance is the lack of advertisements that once cluttered the pages.

While MySpace is leaving no stone unturned to make a comeback, industry players Marketing spoke to, remain divided over its future in Asia.

"I wouldn't bet my money on MySpace beating Facebook anytime soon, anywhere in the world," Simon Kemp, managing director of We Are Social Singapore said. He backed the statement up with a recent study the agency filed on China's Social Media landscape platforms.

The study depicted platforms such as Tencent's WeChat (Weixin) growing at a staggering 25 million users per month at the moment, and passing 300 million users.

He added that social media sites such as Line and Kakaotalk have demonstrated the popularity of social media that have grown from within Asia, resulting in a spurt of growth of similar platforms across the region.

However, on the other side of the spectrum, Ryan Lim, founder of Blugrapes said MySpace definitely has the potential to take off in Asia as it caters to some key needs of end consumers.

Lim said the platform is "positioned very differently from the various social media platforms that focus differentiation through technology", adding that MySpace is primarily different because of the content in promotes.

"If they are able to think global, but act local in their strategy, they would have a significant chance of making a comeback," Lim added.

In 2011, Rupert Murdoch-owned News Corporation sold social network MySpace for worth 94% less than its cost back in 2005, the year it was acquired. The site was bought over for a mere US$35 million, an online asset once valued at US$580 million.