After Facebook took over the very definition of social networking, MySpace has been on a plummeting downslide. In a desperate attempt to save itself and make some savings, it is laying off over 50% of its staff.
The possibility of this event has already been foreseen by Liz Gannes, who wrote:
Myspacethe long-troubled social networking site turned social entertainment hubis in the midst of planning that could soon result in significant layoffs of its staff, according to multiple sources familiar with the situation.
That number could be as much as 50 percent of the 1,100 employees at Myspace, largely based in the U.S., but also in international locations.
According to the latest news on this topic, Myspace has already set a final date of 11 January for this event. This layoff figure will include a significant fraction of the international employees of Myspace as well. Liz Gannes has also predicted that with half of its staff gone, Myspace will now look for buyers. There is a huge possibility that Yahoo will buy Myspace.
However, the good news is that Myspace employees were expecting a layoff of at least 70% of the staff. Given that expectation, they are on the better side of the receiving end.