mySpace to Downsize 30% of its Workforce

images1 The social networking site, mySpace just announced to cut its workforce in USA by 30% of its 1500 approximate number of employees. The third quarter income of mySpace fell by 47%.  The company didn’t disclose severance terms or how much MySpace is going to save by lowering its workforce and laying off  nearly 500 U.S. employees.

The media company News Corp, owner of mySpace,  said that the company wants to go back to start up culture and the restructuring process is going to make the company more financially and structurally strong.The social networking site stands number two in terms of its popularity.

“I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace. Our intent is to return to an environment of innovation that is centered on our user and our product,”  MySpace CEO Owen Van Natta said in a statement released on Tuesday.

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