MySpace sold its soul to NewsCorp years ago, and both parties may have regretted that ever since. The ongoing overhaul of MySpace’s site and services maintain the company’s hopes towards regaining its world dominance, but that’s been the story of MySpace for over a year now. MSNBC points out the company’s need for faith-driven employees, with others speculating that MySpace would be better off as a stand-alone website. Yet a revelation of MySpace’s revamped site could incur that fired-up faith that the company’s management is looking for. Or not.

I haven’t seen the new designs yet, but they’re being described as more user-focused. Easing the use around the site itself, including new features that would play up to user requests for easy access to music and playlists, means that MySpace is hoping to retain the love of its current users, and even regain some of those lost to Facebook.

From the sound of it, MySpace is finally doing some of the things it’s been talking about doing for the past year or so. MySpace had big plans for its site, but got sidetracked with all its success. Instead of learning from the mistakes of those that came and went before it, MySpace trudged along in its own popularity, expanding new services instead of improving its interface. The only question now is whether or not it’s too late for MySpace.

Even as MySpace looks to return to its music roots, its sell-out to advertisers made its user features a second-hand by-product of the deals and partnerships it made with advertisers. When we began to see full-site wraps advertising Secret deoderant instead of highlighting up and coming musicians, we knew the days of MySpace as a music-centric service were over.

I only mention this to highlight the fact that MySpace’s return to its core competencies doesn’t ensure its future success. Still looking to replace or renew its hefty ad deal with Google, which expires this year, MySpace’s money-making potential is bound to drop significantly in the coming months. This leaves MySpace with even more drive towards seeking alternative revenue schemes, while also maintaining its dedication to its users.

While the upcoming features for the revamped MySpace aim to do just this, there are several other companies that have been vying for MySpace’s market share for some time. SoundCloud is one such service that is gaining traction, offering the music services for the likes of MySpace users, and nothing else. When it comes to creating a hub with the end goal of servicing its customers, it’s amazing what kinds of products you get as a result.

Of course, we wonder what else MySpace can do at this point. It still has a large user base, and functions largely as a destination site. Instead of becoming an online distribution channel for NewsCorp media, MySpace has missed out on many of the opportunities it set out to achieve several years ago, such as payment integration for a music-based marketplace, among other things. Friendster survived by shifting its focus to Asian countries, and eventually playing up some of its gaming capabilities as an online social hub. The necessity for seeking alternative revenue has that affect. It brings out the survival mode in many companies, and that may be exactly what happens to MySpace in the coming months.

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