The executive said that the revamped platform, which will include full Facebook and Twitter integration, aims to fill a gap in the market and become the music-based equivalent of LinkedIn.
"No-one wants to manage another social network. We think it is unique and distinct, it integrates with Facebook and Twitter to be able to pull over your social graph and pull over your identity of who you are," he told ABC News.
"We think Facebook is the uber social network that is supposed to be there. We think we built a great social network for artists. Similar to how LinkedIn built one for business, we think there is a huge gap that we wanted to fulfil. There is no point to compete with Facebook and Twitter."
Vanderhook also addressed the future of the old MySpace site, saying that it will remain in operation alongside the new service until a decision on its future has been reached.
"There will be a separate section for our consumer base using the classic MySpace. We are going to leave it up for quite awhile. We will make a decision at a later date if we will ever take down the old property," he added.
The new MySpace is currently in private Beta with a full launch date yet to be confirmed.