Wednesday, July 6, 2011 3:36am ET by  
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Justin Timberlake's interactive plans for Myspace

Justin Timberlake, who recently bought into flagging social networking site Myspace, already has plans to revive it. 

The 'SexyBack' singer intends to get more users both involved and actively using the site to its full potential, and is toying with the idea of launching an online talent contest. He said in a new statement:

"There's a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place … I'm excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community."

His manager added:

"Whether it becomes a talent competition or something like that, those are things that we will still flesh out. We definitely want to bring the industry back to MySpace to really look at the talented people that have put their faces there."

Watch a recent interview with Timberlake here: