Social Notworking site Myspace is living up to our description by cutting half of its 1,100 staff by the middle of the month.
The outfit has seen its revenues and traffic plummet and the outfit is having to make dramatic cost-cutting measures to meet targets demanded by parent company News Corporation. MySpace been the red-headed stepchild of Facebook and lost several key executives and developer talent. This will be the second staff cut,. The company has already cut jobs, reducing staff by 30 per cent last summer.
Data from comScore shows global MySpace unique user numbers falling 26.4 per cent from 110.8 million in September 2009 to 81.5 million by November 2010. In the UK, traffic fell from 5.1 million to 2.3 million unique users over the same period.