News Corp. is still looking to buff up their five-year old $580 million investment in MySpace (News - Alert), and company officials say they're planning a relaunch of the most probably passé social network site this year.

And to do that, they're going to hit the young folks' music and gaming market.

Agence France Presse (News - Alert) reports that in an effort not to slide into permanent irrelevancy vis-a-vis the Facebook (News - Alert) juggernaut, MySpace will target a younger audience.

Facebook has 500 million members. MySpace has "a healthy user base," according to AFP's reporting of comments by News Corp (News - Alert). chief digital officer Jon Miller.

"It's still around," Miller said of MySpace at the Fortune Brainstorm Tech conference in Colorado, according to AFP, "adding that the site attracts around 65 million to 70 million unique users a month in the United States alone."

MySpace evidently has largely abandoned competing with Facebook as a lost cause, and is set to be the go-to "platform for musicians and their fans," according to Miller, who told AFP that it intends to "go younger, go youthful" and put a premium on "creativity and self-expression... A little more rock and roll."

If Australia's anything to go by, they've got a ways to go. According to The Sydney Morning Herald, Australian traffic to MySpace "has tanked by almost 50 percent in the past year," and Facebook today "attracts about 8.7 million unique browsers a month -- over six times more than MySpace's 1.4 million Australian users."

But the good news is, they're expecting. "We are pregnant with product," Miller said, in a gift to headline writers everywhere. "It's really starting to roll out over the course of the next few weeks and well into the fall leading into a full relaunch of the service. It's both a usage and design relaunch. It's a whole new look and feel, and underneath it a whole new set of use cases."

Casual gaming, Miller says, will be emphasized more as well: "MySpace is a gaming platform and should be a much bigger and better gaming platform."