Myspace Downsize and Fire 300 staff
By Andrew Redfern @ 25th June 2009 9:44 am
Social networking is not recession-proof it would appear as Myspace announce it is to cut over 300 jobs. The jobs are to be culled in the international offices (non US) and represents a huge 2/3 of its workforce, a week after it was announced 400 positions were to go in the USA.
Myspace is now owned by Newscorp which purchased the business for $580m in 2005. They have struggled since to increase users numbers as Facebook rapidly overtook them in popularity. Myspace had always dominated the US, with Facebook securing the European market. 2009 saw Facebook overtake the number of visitors.
Staff in Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden and Spain face potential redundancy, but China and Japan, where the business hopes for real growth will be unaffected.
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