MySpace CEO confirms heavy layoffs


MySpace said that it is laying off 500 employees, cutting its staff by 47%.

MySpace’s management kept most of the site’s developers but gutted nearly every other job role, according to a staffer who survived the cuts.

Once king of the social networking world, seven-year-old MySpace has fallen behind younger and nimbler rival Facebook. Acquired by News Corp.  in 2005 for $580 million in cash, the site’s active user base now hovers around 130 million — far short of Facebook’s 500 million.

Trying to reposition itself, the Los Angeles-based network recently rolled out a new interface focusing on music and social entertainment.

 

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