Myspace co-owner Justin Timberlake unveiled Myspace TV, an upgrade to the social media platform that will allow users globally to share their experiences in a real-time format, at the 2012 International Consumer Electronics show on Jan. 9 in Las Vegas.
UK entertainment retailer HMV Group reported a $77.8 million loss for the 26 weeks ending Oct. 29, a wider deficit compared to the $47.9 million loss reported during the same period last year.
Social media property Myspace drew 30.5 million unique U.S. visitors in September, down 7.6 percent from 33 million in July, according to figures released by comScore.
Social media has played a huge role in the music industry with social networks such as Facebook and Twitter having helped fuel the discovery and promotion of many unsigned artists and bands, as well as the promotion of currently signed artists.
Following yesterday's report regarding Specific Media's acquisition of Myspace, GRAMMY-winning artist Justin Timberlake is taking an ownership stake in the social media platform, according to Billboard.biz.
