Does this mark the end of MySpace? It doesn't support the contrary.
Execs at MySpace made the official announcement today that they are laying of 47% of their workforce for the social networking site. CEO Mike Jones noted that the percentage would find approximately 500 employees across all of their global divisions out of work. Though this is a massive loss of their workforce, Mike tried to put a positive spin on the change and hinted that the changes to come could save the company. He explained:
“With our recent relaunch as an entertainment destination for Gen Y, we introduced a much tighter focus, a significantly streamlined product and an updated technology platform… Today’s tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability. The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side.”
Yeah, that all sounds great to you. Bet the 500 people who'll now collect unemployment don't feel as chipper about your new focus.
It's rough out there for everyone, but we'd like to send our best out to all of you MySpace people who no longer have a paycheck to get or a place to go to at the start of each day. Hopefully, you'll all be able to land on your feet soon.
Tags: announcement, layoffs, myspace, social networking, unemployment