The growing irrelevance of Myspace â€" the once dominant social network so profoundly eclipsed by Facebook â€" has bordered on tragically laughable for awhile, with Myspace all-but-admitting its own irrelevance by rebranding itself as a social entertainment portal… a move accompanied by News Corp saying that they expected a “turn around†in Myspace’s profitability in quarters, not years.
It’s looking increasingly likely that Myspace hasn’t shown the turnaround News Corp expected, and so they are going to help their troubled sibling along with massive staff cuts. Myspace is now expected to axe between 550 and 600 staff tomorrow, which is a full 60% of the company, and it’s rumored many of these employees will be international.
Believe it or not, internally, Myspace employees are actually relieved by the latest rumor, because they expected seventy percent of the work force to be laid off. 60 percent at least gives them 10% more chance of keeping their jobs.
Not that it matters: News Corp is likely gutting Myspace in order to make the venture look better on paper so that they can sell it to another buyer. Myspace is going down, sooner rather than later… it’s just a matter of when.
Read more at All Things D
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