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MySpace may slash half its jobs, still looking at sell-off

updated 04:20 pm EST, Fri December 31, 2010

MySpace could cut as much as 50 percent of staff

MySpace might cut up to 50 percent of its staff to stay alive if a leak from multiple industry tipsters on Friday is accurate. Planning is underway for cuts that could reach up to half of its roughly 1,100 workers both in the US and worldwide. Details were still very much uncertain, AllThingsD said, and could be less.

Regardless of cuts, staff were known to have been furloughed for the last week of December to save money.

The company is also still thought to be considering more drastic steps for MySpace even if the cuts take effect, including a sale or shutting down the site. News Corp.'s executive VP of digital operations, Jack Kennedy, has allegedly been tasked with gauging the viability of a sell-off. A private equity firm has been the most probable candidate, but FarmVille creator Zynga has surfaced as a possibility.

MySpace was once the dominant social networking service but was rapidly eclipsed as it lagged in features and didn't cultivate the reputation for community of Facebook. Its rival is now said approaching 600 million users where MySpace has had to respin itself as a site primarily for music rather than the general social network it had been for years.

At one point, it had pitched itself as a competitor to Amazon MP3 or iTunes with its own MP3 download store and ad-supported streaming. A lack of interest led it to give up these plans, and it eventually began offering direct iTunes links.

By Electronista Staff
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  1. Sebastien

    Registered User

    Joined: Apr 2000


    Nothing to do with Macs

    Why is this showing up on MacNN?!?

  1. jpellino

    Fresh-Faced Recruit

    Joined: Oct 1999


    Ah, MySpace

    A "Make Your Own Web Page" for people who don't know how to make one and don't know what to do with it once they do.

  1. fshdksjhjk

    Fresh-Faced Recruit

    Joined: Jan 2011


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  1. irtandassociates

    Fresh-Faced Recruit

    Joined: Jan 2011


    Facebook Destroying MySpace Because of News Corp

    Chase Carey was given the opportunity to initiate a plan that would have generated net earnings of over one billion dollars for MySpace by the third year, and between 400 and 600 million dollars in net earnings over and above current net earnings (which there currently are none) generated by MySpace.

    But Carey ignored the opportunity which is reflective of News Corp's Policy that "No One Knows More Than Us About Anything."

    Representatives of News Corp attempted to obtain details of the plan on a verbal basis without a written agreement. When that was suggested News Corp reps were advised that their past practices in similar situations were well known and that they would not be provided details without a written agreement in place. At that time Carey is believed to have ordered discussions to be discontinued.

    This while current MySpace users have rebelled against the new MySpace Chase Carey and Jonathan Miller authorized development of.

    This is what happens when people that do not understand what a Social Network is think they know everything.

    I guess when it is Rupert Murdoch’s money Carey and Miller have no concerns related to the results of their actions.

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