MySpace is still working on getting its sexy back. Specific Media, the Justin Timberlake-led investor group that purchased the social network from News Corp. (Nasdaq: NWS ) for $35 million last year, is now seeking $50 million in additional funding, according to a confidential slide show presentation obtained by Business Insider.
Plans call for the revamped site to pivot from competing with Facebook (Nasdaq: FB ) to creating an alternative to Pandora Media (NYSE: P ) and privately held Spotify. MySpace is on track to generate $15 million in revenue this year, up from $9 million in 2011, reported Business Insider. The new MySpace is due to launch during the second quarter of 2013.