The new Myspace is hoping the creative community will make the site their space.
Myspace was once the biggest social media network on the web, but with the emergence of social media sites like Facebook, Myspace lost its following when many of the casual users moved to the sleeker new social sites.
In 2011, Myspace was acquired from NewsCorp by singer and actor Justin Timberlake, along with brothers Tim and Chris Vanderhook, owners of the online advertising site Specific Media.
Chris Vanderhook told Here & Now's Jeremy Hobson that Myspace failed because it lost its focus.
"I think they lost sight of who their audience was," Chris Vanderhook said. "It wasn't the moms of America. It should have been, and should have remained, all of those artists who used the platform to be discovered: Katy Perry, Bruno Mars, B.O.B, LMFAO, all of those guys."
The site re-launched in January.
- Tim & Chris Vanderhook, owners of Myspace.
This segment aired on October 23, 2013.