MySpace owners confirm they are planning another comeback, but say they are waiting for the right time

Forward-looking: The owners of MySpace say they plan to bring the social media site back, though they have not said when it will launch or what the new product will look like. Tim and Chris Vanderhook, co-founders of Viant Technology, discussed the plan in the documentary "MySpace," directed by Tommy Avalone. The brothers bought the original social media site in 2011 and still own the brand. "We still own MySpace. We are stewards of the MySpace brand at this point, and we are going to relaunch MySpace. We're just waiting for the right time to do it," they said in the documentary. "And if that one doesn't work, we'll do it again."

A revival would put MySpace in a market that looks nothing like the one it left behind. Social media is now led by platforms built around recommendation systems, mobile video, creator tools, and targeted advertising. Instagram, TikTok, Snapchat, YouTube, and Reddit already compete for users and ad dollars.

MySpace would need to give people a reason to use another social network while also making the service work for modern habits. That means fast mobile features, simple publishing tools, content discovery, and a system that can keep users coming back. It would also need a way to make money without the scale enjoyed by the largest platforms.

MySpace was founded in 2003 by Tom Anderson and Chris DeWolfe. It became one of the biggest websites in the world, reaching 115 million monthly visitors in 2008. The site was known for profile pages users could customize with music, graphics, backgrounds, and code. Tom Anderson, the site's co-founder, was famously listed as every new user's first friend.

But Facebook soon passed MySpace, and the company struggled through several ownership changes. The Vanderhook brothers later tried to build what they called an entirely new MySpace. The effort did not succeed.

"It just became an onslaught of losses," Tim Vanderhook said in the documentary. "We lost a little over $150 million," Chris Vanderhook added.

The timing of another relaunch could help or hurt the company. Major social platforms are facing legal and regulatory pressure, and some users are tiring of feeds designed to keep them scrolling. There is also growing interest in smaller communities and services that feel more personal.

Kate Winick, a principal analyst at Forrester, said nostalgia is part of the appeal. "Excitement about MySpace's relaunch reflects nostalgia for a more analog time, when algorithms were less dominant in our lives," Winick told CNBC.

She said users and brands have been moving toward smaller online spaces. "We're seeing this in recent moves by both brands and users towards smaller, more private social experiences that feel less built for the algorithm and more personal to the individual user, like the explosion of growth on Substack and private communities on Discord."

Still, a return to MySpace's old design would likely not be enough. People who remember the site may like its look, but many are less likely to join a new platform and post regularly. Younger users, meanwhile, have grown up with cleaner apps and video-first feeds.

Winick said MySpace would risk remaining a niche player if it follows the standard social media model, while a revival that relies too heavily on its old design could alienate users who expect a cleaner, more streamlined experience.

Advertising may be the harder problem. Advertisers generally prefer platforms with large, active audiences and clear performance data. A smaller network can still work, but it needs to show that users are engaged and that marketers can reach the people they want.

"The question for Myspace isn't will it eat Facebook's lunch twenty years later, but can it relaunch as a small ads platform and still be profitable," said Jamie MacEwan, a senior research analyst at Enders.

MacEwan said MySpace may have a better chance if it does not try to compete head-on with the biggest networks. "It's more about counter-programming, identifying where the big platforms have gone too far and trying to sell something as an antidote to user fatigue," he said.