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Social networking site MySpace has announced that it will be laying off about half of its workforce. The move has generated speculations that the executives of the company are eventually planning to sell off the website.
The Wall Street Journal first hinted about the impending layoffs this year and a source close to the site has confirmed the impending action to the media. The layoff is expected to take place in mid-January.
MySpace has not been performing well financially. The parent company is NewsCorp and the Chief Operating Officer of the company, Chase Carey revealed that the losses of MySpace were unacceptable. As a result, Chase warned that the company’s fortune should have a turnaround as soon as possible to avoid the obvious.
In November, Chase was vague when he was asked what the company intends to do about the situation. He just told reporters that “There are opportunities here to do 20 things [with MySpace], but that doesn’t mean you’re going to do any of the 20. If there’s something there that makes sense you ought to think about it.”
The company has been losing advert revenue. This year’s figures show a decline of 26 percent when compared with that of last year.
THAINDIAN
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