Myspace hopes to get a boost from a new makeover that it hopes compliment social competitors as an entertainment site appealing to Generation Y - and relevant marketers, of course.

With the rapid rise of the Like button across the web and major search engines culling tweets in results, MySpace has become the underdog of social media. Now, the site hopes to get a boost from a new makeover that it hopes will make Myspace (formerly MySpace) compliment social competitors as an entertainment site appealing to Generation Y – and relevant marketers, of course.

Starting today, Myspace has a new homepage that puts the entertainment aspects of the site front and center. It features a "Today on Myspace" tab that offers users updates on the latest music, movies, television, celebrity and game news. In a video post from the company entitled Welcome to the New Myspace, officials demonstrate that the new site is supposed to be an entertainment space tailored to users.

Sharing is a top focus of the site, as users are encouraged to pass on the content they find. The new Myspace site makes it easy for users to share things they find not only with other Myspace users, but also with their social connections on Twitter and Facebook. The site's redesign rewards those who "share a ton" and "connect with new interests," according to another video on the site.

The sharing component of Myspace may appeal to marketers who want to have their content spread across the web. Marketers in the entertainment industry may like that the revamped site promotes sharing and discovery, and those in other industries who target Gen Y may still find value in creating a presence on the site.

Notably, eMarketer reports that MySpace ad spend was expected to drop 14 percent in 2011, but it will be interesting to see updated predictions based on the relaunch of the site.

Whether Myspace is a hit or not, social marketing is poised for continued growth next year. In a separate report, eMarketer says that social network advertising will exceed $4 billion in 2011. 

Katherine Griwert is Brafton's Marketing Director. She's practiced content marketing, SEO and social marketing for over five years, and her enthusiasm for new media has even deeper roots. Katherine holds a degree in American Studies from Boston College, and her writing is featured in a number of web publications.