Justin Timberlake, the new creative director of Myspace, is considering a talent contest to help revive the struggling social networking site.

Timberlake's manager Johnny Wright tells the AP, "Whether it becomes a talent competition or something like that, those are things that we will still flesh out. We definitely want to bring the industry back to Myspace to really look at the talented people that have put their faces there."

While Myspace's traffic has dropped precipitously over the past couple years, one of the site's strengths has always been its collection of band and music pages. An ongoing talent competition could be a good idea, considering the success of shows like 'American Idol' and 'The Voice.'

In addition to his role as creative director, Timberlake has an ownership stake in the site. Shortly after getting the new gig, Timberlake sent Wright an email that read, "Are you up? My mind is going dizzy with ideas. I need to talk."

The singer and his management team have until Aug. 17 to finalize their plans. That's when they plan to hold a press conference to discuss the future of the site.

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