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Myspace has long been the joke of the social media world. Last year the social networking site nearly self-imploded and was victim to massive layoffs, a less than impressive sale, and being written off as a News Corp mistake. Netting Justin Timberlake was gimmicky, and the first mention of Myspace TV sounded like a desperate attempt to grab onto the social TV trend. But somehow amidst the wreckage, Myspace managed to accrue one million new subscribers since December , an admirable feat. How did its new company Specific Media save a sinking ship?

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The second coming of Myspace has Facebook's Open Graph to thank

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The Web does not love second acts. Inexperienced startups with a crazy idea can become overnight stars, but companies that found and then lost success are simply written off as irrelevant. Entrepreneurs can see their credentials strengthened by noble failures, but once a brand is labeled a failure, it's all but over. There have only been two successful Web turnarounds so far, and they both took several years to accomplish.

Many come to MySpace for net-surfing fun and gossip, but myriad others come for career-boosting networking opportunities. For those whose work is fun — like musicians — MySpace has been a double boon. The band 3 has a big MySpace presence, mostly featuring vocalist Joey Eppard. His brother Josh, a former drummer for 3 and Coheed and Cambria, spends a lot of time online promoting his evolving career.