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MySpace announced It Reduces Staff by 47%

MySpace announced It Reduces Staff by 47%

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MySpace has officially announced that it will be reducing its staff by 47%.

A statement comes from CEO Mike Jones indicates that approximately 500 employees will be affected by the layoffs, which will take place across all divisions globally.

According to Jones “With our recent relaunch as an entertainment destination for Gen Y, we introduced a much tighter focus, a significantly streamlined product and an updated technology platform,”

MySpace will be entering local partnerships in the UK, Germany and Australia to manage advertising sales and content. MySpace will also team up with .Fox (pronounced “dot-fox”) Networks, which it has partnered with in other international territories. Details concerning Germany and Australia have yet to be released.

MySpace — originally a social network site it along the lines of Facebook — first announced plans to revamp its image back in October, when it said it would become more of an entertainment hub, instead of being a place for friends to congregate online. Since then, the site has taken on a new look.

while also introducing programs like Hijacks, which gives celebrities the chance to “take over” the site for certain intervals.MySpace say that the site is still suffering from declining traffic and revenue — and that it may even be sold some time this year.

The company with a clear path for sustained growth and profitability,” Jones says, adding that the decisions had nothing to do with the performance of the newer MySpace. “The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side.”

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ritesh

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