The revamp is expected to happen over the next few months.
The website released new and improved user home pages with less clutter last month. High-profile celebrity pages have also been enhanced for easier navigation. The gaming channel has been given a boost in partnership with Playdom. MySpace's services have also been synced with Twitter.
MySpace's revenues have fallen short of expectations for the past few years and currently stand at around $500m. Competitors such as Facebook have registered a huge growth in user base and revenues in the meantime, forcing MySpace to think of ways to catch up.