Once social network big-timer, Myspace has today confirmed it will reduce its workforce by almost half as part of an organisational restructure.
Mike Jones, CEO of Myspace, defends the move, arguing that the new structure will allow the social network to develop products more quickly and gain financial flexibility.
Jones states: "Today Myspace is implementing a significant organisational restructuring that will result in a 47% staff reduction across all divisions globally that impact about 500 employees."
"Myspace will retain a core, dedicated international team to work with partners in order to ensure users, content partners and advertisers continue to be served," he added.
MySpace launched a new version of its website in October last year, focused on social entertainment and Jones was keen to state that the changes to staff structures were, "in no way reflect the performance of the new Myspace."
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