On June 30 it was confirmed that Pop singer-turned actor Justin Timberlake had joined forces with Specific Media, a California based interactive media company, and purchased former Social Networking juggernaut MySpace for £22 million ($35 million) from previous owners the Rupert Murdoch owned-News Corporation.

Rupert had paid £360 million ($580 million) for the domain over six years ago.

Speaking to Huffington Post about the singer's involvement, rep and manager of Justin Timberlake, Johnny Wright feels that MySpace's impending revamp of could be centred around talent show for new artists.

"Whether it becomes a talent competition or something like that, those are things that we will still flesh out," said Wright. "We definitely want to bring the industry back to MySpace to really look at the talented people that have put their faces there."

The idea for a proposed talent show talent show or some other way of developing new artists will be core to the revamp of Myspace an it emerged during a bust negotiation period that brought Timberlake and Specific Media together in this partnership.

Future plans for the social networking site are still to be announced at a press conference on August 17th. What do we expect for?