Myspace owners vow to revive millennial social media platform

The owners of Myspace have revealed they are preparing to relaunch the once-dominant social media platform, betting that millions of users have grown tired of today's algorithm-driven internet.

Chris and Tim Vanderhook, whose company purchased Myspace in 2011, confirmed they are actively working on bringing the iconic website back to life. "We still own Myspace. We are stewards of the Myspace brand at this point, and we are going to relaunch Myspace," Chris said in filmmaker Tommy Avallone's new documentary exploring the rise and fall of the social networking giant. "We're just waiting for the right time to do it. And if that one doesn't work, we'll do it again."

The announcement raises the possibility that one of the internet's biggest nostalgia brands could make an unlikely return after spending more than a decade in the wilderness. Launched in 2003, Myspace quickly became the world's largest social networking site, allowing users to customize profile pages with music, backgrounds, videos and HTML code while ranking their closest friends in the famous "Top 8."

At its peak, Myspace boasted more than 100 million users before Facebook overtook it and transformed the social media landscape. The Vanderhook brothers acquired Myspace from News Corp in 2011 through Specific Media in one of Silicon Valley's more unusual deals. Before negotiations even began, they issued a fake press release claiming Justin Timberlake had joined the acquisition team.

The publicity stunt landed them a meeting with News Corp executives, and Timberlake eventually did become an investor in the platform. Despite an attempted relaunch centered around music and entertainment, Myspace never regained its former influence as Facebook cemented its dominance and advertisers abandoned the once-trailblazing platform.

But its owners now believe the internet has changed enough to give the social network another shot. Chris DeWolfe, one of Myspace's original co-founders, argued there is growing frustration with algorithm-controlled social media feeds. "I do think the algorithms have a lot to do with the addictive nature of social media," DeWolfe said. "Everything's programmed to you and what you're going to like, with the complete and total notion of increasing the amount of minutes that you're going to spend on a particular social media site."

The owners have not revealed when the relaunch will happen or what the new Myspace will look like, although longtime fans are already speculating whether beloved features like customizable profiles and the legendary "Top 8" friends list could make a full return.