The social networking site MySpace has plans to lay off 300 of its 450 international employees, the company said Tuesday morning. The company is stepping up its efforts to cut costs with 700 of it’s 1,800 total employees being laid off.
The job cuts reflect Facebook’s superior success in international markets, as well as a sharp decline in advertising spending, according to analysts.
According to the NYTimes: “EMarketer predicted in May that MySpace would generate only $25 million in ad revenue outside the United States this year, only a fraction of the global total of $520 million. The total is expected to shrink from $605 million last year, according to eMarketer.
Facebook, by contrast, is expected to record a world total of $300 million in advertising in 2009, up from $250 million a year earlier, with non-U.S. markets expected to rise to $70 million of that, up from $40 million a year earlier.”
MySpace is a social networking website with an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos for teenagers and adults internationally.
MySpace is a social networking website with an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos for teenagers and adults internationally.
MySpace became the most popular social networking site in the United States in June of 2006. According to comScore, MySpace was overtaken internationally by main competitor Facebook in April 2008, based on monthly unique visitors.
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