MySpace is no longer a social networking site. With Facebook dominating the world of social networking, MySpace which was rated as the most popular social networking site in the United States in June 2006 has rebranded itself as an entertainment website and laid off almost half its staff. MySpace is said to receive only about half the number of monthly unique visitor received by its biggest competitor Facebook.
The lay-offs affect about 500 employees, or 47 per cent of the company, and come after weeks of speculation on technology blogs about the cuts.
News Corp is exploring all options for MySpace, including a sale, company spokesman Chase Carey said in November. He also told investors that month that MySpace had quarters rather than years to turn itself around.