Report: MySpace Raising $50M For Music Domination

A report this morning from Business Insider says that Irvine-based Specific Media, the parent company of MySpace, is seeking to raised $50M to turn MySpace into a "Spotify killer". The report says that Specific Media is hoping to re-launch MySpace as a competitor to both Pandora and Spotify, two popular streaming music services. Specific Media is now known as Interactive Media Holdings. Business Insider cited a leaked pitch deck from Interactive Media Holdings, which also showed Specific Media and MySpace estimating 2013 revenues of $328M, with MySpace generating $15M in revenues in 2012, and the site generating and estimated $58M in 2013.