Justin Timberlake joins social networking site Myspace

The star played Napster co-founder Sean Parker in The Social Network

Justin Timberlake has bought a stake in Myspace after online advertising company Specific Media bought the website from owners News Corporation.

The star will also help to develop the future creative direction of the site.

"There's a need for a place where fans can go to interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.

"Myspace has the potential to be that place," the singer and actor said.

News Corporation paid $580m (£361m) for Myspace in 2005 but the sale price is thought to be as low as $35m (£21m).

Justin Timberlake says he wants to make Myspace the top digital destination for shows, video content and music.

"Art is inspired by people and vice versa, so there's a natural social component to entertainment," he said.

"I'm excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community."

Justin Timberlake will play a major role in the company.

He will have an office at Myspace headquarters in Beverly Hills and will be in charge of around a half dozen staff who will develop his ideas for the site.

The 30-year-old recently played Napster co-founder Sean Parker in The Social Network, a film about Facebook.

MySpace was founded in 2003 by entrepreneurs Chris DeWolfe and Tom Anderson.

In recent years the social networking website has struggled to compete with the likes of Facebook and Twitter.