Former social networking top dog MySpace announced that it will be cutting its staff by a third to cut costs. After blossoming to become the top social networking site in the world, MySpace eventually lost the fight to Facebook.
MySpace is looking to compete once again and is starting off to cut about 400 positions to trim the organization down to a 1,000-person group. The company is looking into going back to the culture of a start-up company.
MySpace still boasts of 125 million users but has struggle to compete with app-driven Facebook and messaging service Twitter.
“Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company,” MySpace boss Owen Van Natta said.
Source: BBC
