If emulation is the sincerest form of flattery, Spotify and Pandra should be blushing. By essentially copying what they do, MySpace might be in the process of reversing its fortunes as the once dominant social networking playground reportedly gets ready to announce a million new users over the past month. That's in stark contrast to losing 10 million users a month, which the site was bleeding as recently as March of last year.
"The numbers tell an amazing story of strong momentum and dramatic change for MySpace," company CEO Tim Vandrhook said, according to CNN . "And the 1 million-plus new user accounts we've seen in the last 30 days validates our approach."
A team of investors that includes Justin Timberlake purchased MySpace from New Corp. last June for what had become a bargain basement price of just $35 million, far less than the $580 million News Corp. originally paid for it seven years ago. Since being acquired in June, MySpace has focused on streaming music via the new MySpace Player, giving users access to over 42 million songs, the largest on the Web, according to MySpace.