MySpace aims to become more relevant in social media and is retooling itself as a one-stop destination for music, gaming and entertainment after losing ground to social networking sites Twitter Inc. and Facebook Inc.

"We will really become relevant, and there's just no way when you have 100 million-plus users a month like we do that you don't have something that's really relevant," Chief Executive Officer Owen Van Natta said in an interview at a music conference in Cannes this past weekend. "Along the path we are going down, we should see increased gains."

MySpace posted 7 percent growth in unique visitors from November to December, the first increase since mid-last year, Van Natta said, citing statistics by researcher ComScore Inc.

"We don't want to get ahead of ourselves here but it's good that the numbers have stabilized and we hope this will continue," Van Natta said.

Facebook has more than 350 million users, Chief Executive Officer Mark Zuckerberg said in December. Twitter has more than 58 million global monthly users.

"We're not trying to be the No. 1 video site or the No. 1 audio site," Van Natta said, adding that MySpace is the leader in social media. "We want to develop that next generation, and we're highly social about film and music."

Van Natta didn't rule out that MySpace Music could develop a music streaming service and said he was considering many business models.

Source: Bloomberg.com
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