Myspace to lay off 500-600 tomorrow
Great day to be working at Verizon tomorrow, good day to work at Apple, bad day to work at AT&T, horrible day to work at Myspace. Or perhaps a day not to work at Myspace at all. The once-popular social media company is expected to lay off what would work out to up to 70 percent of its staff. The layoffs have been expected for some time. Parent company News Corp is trying to slim Myspace down financially so that it could be a more appealing purchase property for larger, more solvent companies. By November numbers, they still had 54 million visitors a month but the trend lines show that that number is down 15% from a year ago and dropping fast. The idea for a while now has been to give up on broad social networking, cede that to Facebook, and try to be an artist space. Could a stripped down version work as part of, say, Google? Or is the unfashionable name to much to overcome?
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.