News Corp. bosses continue to struggle to find a way to make Myspace profitable in the social networking space.
While everything Facebook touches turns to gold, Myspace is still haemorrhaging money. If this new strategy fails then the parent company will look at selling the site, if it isn’t already.
Myspace Chief Executive Mike Jones said that while the site's audience may be smaller, this new strategy is about advertisers being able to target users more effectively.
"The new organisational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side," Jones said. "We are also committed to rebuilding the company with an entrepreneurial culture and an emphasis on technical innovation."
The cuts are said to be evenly distributed throughout the company, but the firm has massively reduced its international headcount.
You can find more on the Wall Street Journal.
Myspace recently unveiled “Mashup with Facebook”, a new feature that allows Myspace users to create a personalised stream of content.