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January 11, 2011

MySpace sheds almost half of employees

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by Darren Allan

Ailing social networking site MySpace has announced that it will have to lose nearly half of its staff.

In total, 500 jobs will go, C-net reports in what the MySpace CEO Mike Jones dubbed a “significant organizational restructuring.”

C-net quoted Jones as saying: “Today’s tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability. These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product.”

The new product being the redesigned MySpace, which was revamped in October of last year to focus on “social entertainment”, being more content led.

MySpace is also planning to set up local partnerships in the UK, Germany and Australia to deal with advertising sales and content.

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