Is Justin Timberlake really bringing MySpace back?

Could be, according to data released by the company on Monday. MySpace claims that it now has "an average of 40,000 new registrations daily" and says it has added more than a million new users since launching its new MySpace Music Player in December.

The site also touts its library of 42 million songs as the world's largest collection of free music, signifying that services like Spotify — not Facebook or Google+ — may be its real competition.

"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. They purchased the social network from Rupert Murdoch's News Corporation, which had bought it six years prior for $580 million.

MySpace then plunged in popularity as Facebook became a social networking behemoth and was passed in U.S. popularity by Mark Zuckerberg's empire in 2009. In March of 2011, MySpace lost 10 million users in a single month, according to BBC.

Timberlake and his team's strategy of repositioning the site as a music service seems to be breathing at least some new life into MySpace, however. In addition to a massive catalog of songs — "eclipsing all other competitors," as the site says — 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."

Do you think MySpace actually has a chance to succeed? Let us know in the comments.