MySpace might cut jobs to stay competitive

MySpace might cut jobs to stay competitive

Rumours in the market are stating that social networking giant MySpace is considering a major job cut to stay competitive in the market.

MySpace parent company News Corp has refused to comment on these rumours.

MySpace has been struggling to compete against Facebook which is growing at a phenomenal rate. Twitter is also becoming a major rival for most social networking platforms.

Market reports indicated that MySpace might fire as many as 500 of its 1,600 workers. It was first reported by TechCrunch.

MySpace had just this to say when asked about the job cut reports: “Like any company with new leadership, Fox Interactive Media is reviewing every aspect of our operations, performance and structure. It’s no secret that we are looking for ways to improve our products, increase the value of our digital assets and enhance the overall financial strength of the company.”