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SOCIAL MEDIA NEWS: MySpace gaining 40,000 sign ups a day

Figures recently announced by the slightly rebranded social music network MySpace suggest there may be life in the old dog yet.

The platform, backed by Justin Timberlake and other less high profile tech community members, has secured one million new user accounts in the last month, which amounts to 40,000 new users per day.

These impressive statistics may come as a surprise to some. None more so than Rupert Murdoch, who sold the company for a loss of $540 million back in June 2011.

Tim Vanderhook, chief executive of Myspace, said, "The numbers tell an amazing story of strong momentum and dramatic change for Myspace.

"And the one million-plus new user accounts we've seen in the last 30 days validates our approach."

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What do you think: Could it be possible that the former social media heavyweight will once again emerge as a front runner?