While the potential relaunch of MySpace is sure to bring considerable nostalgia and anticipation, analysts warn that the social media platform could have a tough time competing in the current market.

"Excitement about Myspace's relaunch reflects nostalgia for a more analog time, when algorithms were less dominant in our lives," an analyst told CNBC.

Myspace plans a comeback built on chronological feeds and no algorithm. Brussels is already forcing Meta to offer the same thing.