MySpace to lay off half its staff

Myspace is expected to announce it will cut half of its workforce today as owner News Corporation looks to make the company more attractive to potential buyers.

/b/p/b/myspaceweb.jpg

Over 500 employees are likely to be made redundant as NewsCorp pares down the revenue-losing site.

In November News Corp president Chase Carey hinted that a sale of MySpace was possible, saying the site continued to be “problem” for the group. NewsCorp bought MySpace in 2005 for $580m.

The site relaunched in October last year in an attempt to reposition as a social music platform but has failed to deliver a significant boost in traffic numbers, usurped by more popular social networking sites such as Twitter, Bebo and Facebook.

In November MySpace partnered with Facebook to create Mashup, which allows its users to login to their Facebook accounts using their MySpace page.

In stark contrast, Facebook continues to grow, with revenue for the first nine months in 2010 reaching $1.2bn (£776.4m). The social network is also reportedly increasing its staff.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here