New York, Jun 17: MySpace is cutting about 30 per cent of its workforce in an attempt to cut costs. This means that there will be about 400 lay offs reducing the total work force to about 1,000.
While some media reports suggest that this moves comes so as to cut costs and stay afloat in the times of recession; others suggest that it is part of the master plan to become a 'more innovative, efficient, and entrepreneurial business'.
The News Corp-owned social site has been facing growing competition from Facebook and Twitter. Recently the company threw out co-founder and chief executive Chris DeWolfe and roped in Facebook executive Owen Van Natta.
"Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," said Van Natta while speaking about the layoffs.
Admitting that this decision by the company would cause pain to many, Van Natta said that the intention was only to spur 'innovation that is centered on our user and our product'.