MySpace cuts to be leaner firm

Source: Agencies | June 24, 2009, Wednesday |

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SOCIAL-NETWORKING site MySpace said yesterday that it will cut 300 international positions and close at least four offices outside the United States as it looks to cut costs and narrow its territory coverage.

The move comes a week after the company said it would cut nearly 30 percent of its US work force in a bid to become more efficient.

"As we conducted our review of the company, it was clear that internationally, just as in the US, MySpace's staffing had become too big and cumbersome to be sustainable in current market conditions," Chief Executive Owen Van Natta said in a statement. He rejoined the firm in April.

The News Corp division has been trying to bring its staffing level more in line with its more popular rival, Facebook. Recent data from tracking firm comScore shows Facebook has caught up with MySpace in monthly US visitors for the first time.

MySpace has had difficulty growing its user base, which stands at about 125 million worldwide. Meanwhile Facebook has said its usage has doubled to more than 200 million in less than a year.

Beverly Hills-based MySpace plans to trim its global work force to about 150 employees from 450 people and said it will have to consult on the plan with international workers in some countries.

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MySpace cuts to be leaner firm

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