(UPDATED) When Specifc Media bought MySpace for $30 million, they promised a summer launch press conference with creative partner Justin Timberlake to unveil plans to turn around the struggling social network.  Summer has come and gone, and now comes word that any announcement during Madison Avenue's "Advertising Week" conference October 3-7.

MySpace is scheduled to host the opening night concert and party.

Change has been more "incremental" than planned, a source called the Wall Street Jornnal.  Meanwhile, traffic continues to drop. The site attracted 33.1 million unique U.S. visitors in August, down 44% from a year ago, according to comScore.