MySpace Cuts Workforce in Half

Posted on January 11, 2011

MySpace was unable to keep up with the torrid growth of rivals, Facebook.com and Twitter. Today, MySpace is cutting nearly half of its workforce. 500 jobs, 47% of the workforce, will be let go according to a post on paidContent.co.uk. The job cuts leave the company with about 560 employees.

In a statement, MySpace CEO Mike Jones says the company is focused on rebuilding. You can read the full statement here.

Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability. These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product. The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side. We are also committed to rebuilding the company with an entrepreneurial culture and an emphasis on technical innovation.

MySpace should change its unfortunate logo. The old one was better.