MySpace laid off 500 employees yesterday, a total which accounts for almost half (47%) of its worldwide workforce.
Executives maintain that the downsizing is a result of the social networking site’s relaunch as a music and entertainment destination. MySpace Chief Executive Mike Jones says that the lay-offs are not a reflection of the new product’s performance.
Company leaders also stated that the large staff was on board to handle an advertising partnership with Google that ended in 2010.
Reports say MySpace parent company News Corp is open to selling the struggling social music site.
According to November 2010 stats from comScore, Myspace had 54.4 million unique visitors in the U.S., while Facebook had 151.7 million unique visitors.
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Sarah Skates has worked in the music business for more than a decade and is a longtime contributor to MusicRow.View Author Profile
