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:FOX) 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.

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