Despite the hype surrounding the official Myspace relaunch this week it’s hard not to feel a little bit sorry for the beleaguered social networking site.

Once in prime position as the largest social network in the world its 30 million global monthly users are dwarfed by Twitter’s 200 million and Facebook’s staggering 1.1 billion.

But its owners Specific Media have high hopes for the brand after it relaunched the site to the public with a $20 million advertising campaign – more than half what they paid News Corp for it in 2011. So how are they hoping the relaunch will revive interest in the site once more?

1)      By positioning itself as a single hub

The site has made a number of changes to the way users can log in but also to what they see when they get there. They can now log in to networking rival sites such as Facebook or Twitter whilst the screen layout also makes it easier for users to navigate than previously.

2)      By getting appy – finally

Rather incredibly it has taken till now for the site to release its first mobile app, available for iOS devices. Its functionality includes allowing users to create and share animated gifs as well as a new streaming music player called My Radio which features radio stations managed by Myspace community members and some of the musicians – such as investor Justin Timberlake – who are associated with the site.

3)      More help for first time users

The company has taken on the feedback from its initial rollout and open beta phase since last year and added improved user information such as signposting and tutorial cards that help first time users navigate it more easily.

4)      By returning to its roots

The site is hoping to return to the kind of site it was in its heyday in 2008 when it was viewed as a creative community hub. Whether the strategy actually works or is seen as the company looking backwards rather than forwards remains to be seen.

5)      By better targeting

The service is now aimed towards at 13 to 30 year olds, whilst its owners say they are refocusing its content and appeal to the creative community. However in essence this is mainly the music world.

6)      By going lowercase

It’s not much of a rebranding to differentiate yourself from the past simply be dropping a capital from your name but after renaming from MySpace to Myspace its owners are still hoping that they can rebuild their brand rather than having to completely reinvent it.

Time will tell whether they are right or not. What do you think of the new site?