MySpace Makes Cuts, Are They Doomed?

Facebook has over 500 million users now, they plan on selling public stock offerings, and their one of the most highly valued companies in the world…so, what is MySpace up to? Well, firing half of their staff. Forty-seven percent to be exact.

MySpace is struggling to stay alive and just had to lay off about 500 of its workers. MySpace’s CEO, Mike Jones said,

"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability…"

Read more from Electronista.

News Corp., the Parent Firm of MySpace, has said it might get rid of MySpace or sell it if it can’t become profitable in the near future. That sounds like an ultimatum to me. And a big layoff like this usually signals one of two things; scrapping the old business plan and trying to re-work everything, or putting a big ‘For Sale’ sign in your front window. I’m guessing the latter is more likely.

I mentioned Facebook has over 500 million users. while the number of MySpace users is down around 130 million. Still a large number or users, but nothing compared to Facebook's. MySpace once ruled the social networking world, but has since fallen by the wayside.

Do you still have a MySpace account? I actually deleted mine a few months ago when I realized I had checked it twice last year…twice. Now it’s one less password to remember, and one less time-waster in my favorites.

What’s your take, do you like MySpace and think they’ll pull through to stay relevant? Or will they become a thing of the past? I remember the first social network I joined, it was called Friendster. Friendster now appears to be a cartoon-themed gaming network. Lame, but I’m guessing that’s the same path MySpace is headed down.

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