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| MySpace to lay off half their Staff Posted: 10 Jan 2011 09:21 PM PST  It has been reported that MySpace, will layoff half of its 1000 employees this week. The layoffs come as the social media site tries to restructure and overhaul the company in an attempt to save itself from poor financial situation. News Corporation had invested in MySapce to broaden its reach across the globe in the digital news media niche, however their strategy in the online space has not been executed successfully anywhere near what they would have wanted. MySpace once challenged Facebook as the largest social media platform and provided a place for the younger generation to post thoughts and make new friends. MySpace changed their platform in October of last year to find new music acts and videos in an effort to cement it’s position of a music related social network. We all knew eventually that all these different social media sites could not last, but the surprise that a once mighty giant on the social media scene would collapse so soon, just shows that with the economy and ever changing trends of today’s youth, no business is safe. © admin for Social Media News, 2011. | Permalink | No comment | Add to del.icio.us |
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