MySpace: 1 Million New Users Because of Facebook

MySpace has a million new users in the last 60 days and it has Facebook and Twitter to thank for them.

The gain in users is largely because of its integration with Facebook and Twitter, Chris Vanderhook, chief operating officer told The Telegraph (U.K.).

The social network, now owned by Specific Media and pop star Justin Timberlake, was revamped to include the integration and keep the troubled social network relevant. Specific Media and Timberlake paid $35 million for the site.

MySpace has relaunched as a music player with a social music discovery engine competing with services like Spotify -- which is also available on Facebook.

News Corp. bought MySpace for $580 million in 2005, but took a dramatic loss ($545 million to be exact) when the corporation sold it to Specific Media and Timberlake last June.

It's too early to tell if the social network is worth $35 million or more right now or if this was all just a boondoggle by Specific Media and Timberlake. But if the site keeps growing, its value can only increase.

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