MySpace’s parent company is reportedly in the process of trying to raise $50 million to transform the once booming web destination into a music streaming service that would directly compete with Pandora and Spotify. The rumor comes courtesy of some leaked documents that were recently obtained by Business Insider.
The plan appears to be to launch the music streaming service sometime in the second quarter of 2013.
Documents reveal that MySpace wants to use $10 million to put towards marketing efforts and $15-25 million for licensing deals signed with record labels while another $15-25 million will be utilized as working capital.
