Is a great Internet comeback story in the works? Myspace, the presumed-dead social networking site that was purchased by a group including Justin Timberlake, has revamped itself as a music-listening destination and added more than 1 million new users last month.

Myspace claims to have more than 42 million songs available in its new music player, more than rival player Spotify. Myspace CEO Tim Vanderhook says, “The numbers tell an amazing story of strong momentum and dramatic change for Myspace. And the one million-plus new user accounts we’ve seen in the last 30 days validates our approach.”

Myspace says it now has the largest collection of free music online. It offers unlimited listening, unlike Spotify, which places limits on free accounts. Spotify has a well-established tie-in with Facebook, but perhaps the Myspace music player can win back many of the users who abandoned the site in recent years.

Timberlake’s team paid only $35 million for Myspace in June. In 2005, at the height of the site’s popularity, Rupert Murdoch’s News Corp. bought the site for $580 million.