Myspace cuts global staff

Myspace has confirmed it is to lay off around 500 staff worldwide, one day after Music Week revealed plans were in place to considerably downsize its London office.

It is understood the company will not end its presence in the UK but its London office will be reduced to a small team, with the majority of content updates being automated (as we reported here).

As part of ongoing plans, Myspace has announced an alliance with .Fox Networks, the online division of Fox International Channels, in the UK, whereby .Fox becomes the exclusive advertising and sponsorships sales partner for Myspace UK.

Myspace CEO Mike Jones says the job cuts, which account for around 47% of its workforce, were “tough but necessary”.

In November it was reported that losses at the corporate division of News Corp that houses Myspace grew from $30m (£19.35m) in 2009 to $156m (£100.6m).

The staff cuts come only a matter of months after a significant redesign of Myspace and series of new partnerships. In October, it re-launched as a social meida and disocvery platform with a brader focus around entertainment. The following month, Myspace announced integration with Facebook, the social network that rapidly eclipsed it.

Source: Music Week