According to CNNMoney.com, My Space is releasing 30% of its employees due to a decline in advertisement. The social networking site was at one time the world's largest social networking site and is now struggling to compete with other social networks like Facebook and Twitter.
"Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," said MySpace Chief Executive Owen Van Natta. "Our intent is to return to an environment of innovation that is centered on our user and our product."
Is this the beginning of the social network battle for dominance on the internet; or is Myspace a victim of the current economy and the first of social networking sites to show signs of the current market?
Myspace is a little more geared towards a younger audience with downloads and streaming videos, while Facebook is geared towards a more broader range audience with many diverse applications. The downsizing is said to help Myspace focus on its niche and later return to the top of social networking.
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