12/09/2012 07:12 pm ET Updated Dec 06, 2017

WATCH: 60 Seconds of Social Media

MySpace wants to take on Pandora and Spotify, but will big names sign on?

At the height of its popularity in December 2008, MySpace had over 75 million unique visitors in the U.S. alone. But just last year it sold for $35 million -- 6 percent of what Rupert Murdoch paid for it in 2005. Buyers Chris and Tim Vanderhook, and their major investor, Justin Timberlake, are prepping a re-launch of the former social media heavyweight that emphasizes music discovery and connecting artists with fans.

Last week, a select few were invited to review the new site, and by most accounts it does look pretty slick. But the key will be signing up big name artists to actively participate right from launch, something Timberlake is presumably working on behind the scenes.

Find out more about the future of MySpace, plus a look into why Instagram and Twitter aren't getting along, in this week's episode of Freshwire's "60 Seconds of Social Media" below.

And you can catch our last episode, on Facebook's Wall Street boost, right here.