MySpace is attempting to bring back old users and attract new ones with a complete revamp of the social network. The plans to change come after the social network has lost market share against its rivals.

Once considered the household name for social-networking web sites, MySpace lost its top position in the market once Facebook began to attract new users at high rate.

Expected changes include a cleanup of the cluttered layout and faster page loads. The bigger changes include a focus on music. These features will be made available in the next few months, according to MySpace, with users able to share music playlists with other users.

MySpace executives have been talking about the changes in recent weeks. The revamp is because MySpace "really wanted to show the crowd how MySpace is thinking different about the advertiser experience," said MySpace's Nada Stirratt, chief revenue officer, in a post.

Focusing on Youth

This lets MySpace hone in on a core user base of music-oriented fans and young people seeking self-expression, according to Ray Valdes, a Gartner analyst.

MySpace's focus on a younger audiences makes sense since adults favor Facebook, according to recent data from the Pew Internet & American Life Project. A total of 73 percent of all adults 18 and older who use social-networking sites have a Facebook account. Seventy-one percent of those adults are between the ages of 18-29.

"These changes are welcome and necessary, but by themselves cannot reverse powerful market trends," Valdes said.

But many observers question if these changes will be enough to attract new users. In January, MySpace had 119 million unique visitors, a 7.4 percent decrease from the same month in 2009, according to ComScore, a provider of online traffic reports. MySpace executives, however, expect that number to grow to 200 million or 300 million. While the number of unique visitors is high in comparison to smaller social networks, it's far below Facebook's reported 400 million active users.

How did MySpace take a backseat to Facebook? Facebook continues to grow in part because of its ongoing series of improvements, including changes to the user experience and features, Valdes said. "MySpace has moved more slowly by comparison," he added.

A Lot More To Do

A management shake-up at MySpace is also partly to blame, Valdes said. Along with a decreasing audience came a shrinking employee base. MySpace cut several staff members and two executives left in less than a year's time, including CEO Owen Van Natta. MySpace's chief product officer, Jason Hirschhorn, and COO Mike Jones replaced Van Natta as copresidents.

To compete in the market, MySpace has a lot more to do than just add music, Valdes said. "MySpace's market share has been declining relative to Facebook, and therefore MySpace has to do something to reverse the trend," he said. "This trend has been in motion for the past year."

"If, however, MySpace continues to iterate rapidly, and quickly replaces the technical staff that have recently departed, then a reversal of fortune is possible," he added.