Could Justin Timberlake be working his magic on bringing MySpace back? According to data released by the company on Monday, MySpace claims that it has now "an average of 40,000 new registrations daily". It says it has added more than a million new users since its relaunch - and its launching of its new MySpace music Player in December.

The site's got a library of 42 million songs and is the world's largest collection of free music.

“The numbers tell an amazing story of strong momentum and dramatic change for Myspace,” company CEO Tim Vanderhook said in a statement. “And the one million-plus new user accounts we’ve seen in the last 30 days validates our approach.”

A team of investors including Vanderhook and the pop star Timberlake bought MySpace in June for $35 million.

MySpace went through a rough time when Facebook became the social network of choice. It was so bad that in March of 2011, MySpace lost 10 million users in a single month, according to BBC.

Timberlake and his team strategized to reposition the site as a music service and breathed new life into it and in addition to a massive catalog of songs, MySpace touts its new music player for a range of both mainstream and unsigned artists, personalized radio streams, recommendation feature and Facebook integration.

“Myspace is building meaningful social entertainment experience around content, where consumers can share and discover the music they love,” Vanderhook said. “Consumers are getting excited about Myspace again — a testament to a great music product.”

Will it succeed? And what sort of competition will this be for players like Spotify?