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MySpace Co-Presidents Jason Hirschhorn and Mike Jones surely have their work cut out for them.

While social media giants Facebook and Twitter have expanded rapidly (over 111.8 million signed on to Facebook last month while Twitter hit it’s 10 billionth tweet last week), MySpace has been struggling in recent months. Hirschhorn and Jones have recently replaced former CEO Owen Van Natta who only held the position for less than 10 months before leaving.

So what’s in store for MySpace? Hirschhorn and Jones are gravitating back to their roots — entertainment. The site will use information volunteered by users and seen on celebrity pages to recommend movies, songs and video games to users.

MySpace was once a hub for artists in need of a platform. But that focus was blurred when MySpace tried to be far too many things, straying from their core audience.

“It goes back to discovery and self-expression,” said MySpace Co-President Jason Hirschhorn. “That’s where we came from and where MySpace really made its mark, being the place that obsessively catered to creative leaders.”

While MySpace may no longer be worth the $580 million News Corp. paid for the social network in 2005, Jon Miller, News Corp.’s chief digital officer, said it nonetheless can exist and thrive, side by side with Facebook.

“We need to be a platform for self expression that is clearly differentiated from the competition,” Miller said. “Let people do their thing, which is where MySpace started, but with the technological underpinnings that allow things to work the way things work in the modern world.”

To learn more about MySpace’s “comeback,” check out the LA Times.

It could be a tough road back to the top. What do you think? Share your comments below.