MySpace Cancels “Coming-out Party” with Justin Timberlake

Earlier reports claimed that the social-networking website, MySpace, is planning to host its own “coming-out party” in order to show off the initial plans and new visions for the site. Pop star, Justin Timberlake — being the website’s investor, is expected to be a part of the said event.

Unfortunately, new owners – Specific Media LLC and Justin – announced that they are scrapping the plans for the party because MySpace’s popularity and visitor traffic is continuing to drop.

“Plans for transforming the site into a hot spot for entertainment have been more ‘incremental’ than anticipated,” a source reported to Wall Street Journal. Also, according to ComScore, the social network has only invited 33.1 million unique U.S. visitors last month, down to 44% from a year earlier.

MySpace now plans to re-launch the “coming-out party” during the Madison Avenue’s “Advertising Week” conference, which will be held in New York sometime next month. The said ad conference is expected to be much bigger and exciting as the Justin Timberlake party. Meanwhile, the social-networking site is also set to host an opening-night concert.

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