Myspace could soon make a comeback after nearly two decades on the decline, as its owners seek a fresh start to compete with the current social media giants. The owners of the once-popular social media platform, brothers Tim and Chris Vanderhook, announced plans to relaunch MySpace with a new vision. The owners of the once-popular social media platform, brothers Tim and Chris Vanderhook, announced plans to relaunch MySpace with a new vision. The brothers said they want to create a platform that feels different from current social media platform. Between 2005 and 2008, Myspace was considered the most popular social media website.