Even News Corp. CEO Rupert Murdoch admits his company mishandled MySpace, but the site's new owners are readying the next iteration of the social network — and it's set to launch later this year. Forbes spoke with Chris and Tim Vanderhook, owners of Specific Media, which acquired MySpace from News Corp. last year. According to the pair, the new MySpace will focus on the service's core strength — music discovery and promotion — as they hope to take advantage of the 42 million songs currently available on the service. They've partnered with Justin Timberlake on the new endeavor, who they say has helped focus the site as a platform that artists can use to promote and build their own brands in a single, unified location.

While specific details on the new site are light, it is currently undergoing internal beta testing by MySpace employees, and will be rolling out to artists — followed by the general public — later in the year. While it's still unclear if the new MySpace will help bring the brand back to prominence, the efforts of the Vanderhooks do appear to be taking things in the right direction. In February it was revealed that the site was acquiring 40,000 new sign-ups per day — up from zero — and the brothers told Forbes that the site's unique visitor count is currently at 30 million per month and climbing.