MySpace to Cut Two-Thirds of Staff Outside US
Posted on 23. Jun, 2009 by admin in General
MySpace to cut out-of-US staff. Yes, you read that right. MySpace, the very popular social network which is News Corp., owned site announces on Tuesday that it has plans to lock down 4 offices outside US and prune down its international staff to about one third.
This clearly speaks the stiff competition the service faces from its adversary Facebook, especially in outside US markets. Analysts also say that the service had cut its spending on advertising and it is finding tough to make into European markets such as Germany.
MySpace today announces that it intends to cut about 300 out of 450 jobs outside US. While total revenue from Ads through the social network sites is projected around $520 million MySpace ad revenue will be $25 million from outside US.
Quite the contrary Facebook is projected to pocket around $300 through advertising in 2009, which is up from $250 million last year.
All this triggered MySpace to go for redundancies and cut backs and the staff outside US will bear the brunt.
