• All Things Digital, Tuesday, October 4, 2011 11:33 AM

Under new ownership, Myspace is reportedly making the rounds at Advertising Week with investor Justin Timberlake in tow. What Myspace's new pitch? The Specific Media-owned site wants nothing less that "to become the No. 1 online community music destination," while its mission is "to feed the energy of youth culture everywhere," All Things D reports, citing an official pitch deck.

Myspace traffic has "steadied," according to the company -- though, as All Things D notes, the charts in the pitch deck only extend till July of this year. "The core of their pitch centers on Myspace's pre-existing music deals," it adds. Indeed, Specific Media is callsing Myspace "The Hulu of Music," with "unique content rights with Big Four labels and 20K independent labels allows for ad-supported music video and audio streaming."

The deck also features a screenshot of a beta version of a "social playlist" running down the right rail, and an unattributed assertion that video consumption on Myspace has doubled in the last 30 days. Beyond that, Specific Media isn't talking.

Read the whole story at All Things Digital »