Lots happening in the continued dynamics of the War of the Web 2.0 Giants.
Recent developments reported that MySpace have just cut 30% of their staff to reduce operating costs, as the intensity increases in the face of popular competition like Facebook.
These recent actions will leave MySpace with about 1000 employees and over 400 will lose their jobs. This is the biggest restructuring since the company was acquired by Fox. This was one of the first major moves of MySpace's new CEO, Owen Van Natta as he replaced Chris DeWolfe, one of the co-founders.
MySpace is now facing increasing competition from social network Facebook. Facebook and Twitter are growign rapidly.
Facebook has now edged for the first time ahead of MySpace with over 70,278,000 unique visitors to its site in May 2009 vs My Space's 70,237,000. Worldwide, Facebook has had more than 307 million unique visitors in April, according to ComScore, and MySpace has more than 123 million.
With the recent news, NewsCorp (MySpace) shares fell US4cents of 4.2% yesterday to $9.41 on the Nasdaq stock market.
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