Remember when it was all about emos, The OC and Myspace? The once-dominant social network has today relaunched itself, investing a US$20 million sum into a new advertising campaign and officially burying the News Corp version of the Myspace site.

The struggling site, which was once the largest social network in the world and the most-visited website in the US, was sold by News Corp in 2011 for a mere US$35 million after paying US$580 million for it in 2005.

It’s new owners, Specific Media Group and musician Justin Timberlake, debuted a soft launch of the new Myspace late last year, but this official launch reveals more detail on its music streaming and mobile plays. The network’s first mobile app is available for iOS devices and includes a music streaming service featuring user-programmed stations and the ability to create animated GIFs. Called ‘MyRadio,’ it features radio stations curated by Myspace community members and is being backed by popular musicians, including Pharrell Williams, Lady Antebellum, Lil Wayne and investor, Justin Timberlake.

Myspace has stated a desire to renew its focus on artists and musicians and is hoping to be a vehicle where artists can better connect with their fans. There have also been big changes to the site’s layout, with users able to log in using their Facebook and Twitter accounts. The site now scrolls horizontally rather than vertically, in an attempt to enhance the experience for the ever-growing tablet and mobile audience.