Even though it’s the seventh most-trafficked website in the United States, Myspace is in big, big trouble. The Wall Street Journal is reporting the site is gearing up for huge cuts that could result in the downsizing of half its 1,100 person workforce. Since News Corp. owns both Myspace and The Wall Street Journal, we’re just going to go ahead and assume the reporting is accurate.
Myspace already cut 30% of its workforce last summer. But since then, the News Corp. division in which MySpace resides lost $156 million.
Myspace remains the go-to site to find music on the Internet. So someone should be able to do something with this thing. It remains to be seen if that someone is News Corp. The company is allegedly mulling a sale, but according to Reuters, there are no buyers at the table yet.