MySpace cuts 300 jobs worldwide in restructuring drive

MySpace will cut two-thirds of its workforce outside the US, just a week after the social networking site announced it was to cut its US workforce by nearly a third.

The group will reduce its global workforce from 450 to 150 employees as part of a restructuring drive. It is also thought to have been hit by a fall in user numbers and a drop in advertising, with analysts predicting the group’s revenues could fall by 15% to $495m (£299m) this year.

Owen van Natta, MySpace’s new chief executive, said: “As we conducted our review of the company, it was clear that internationally, just as in the US, MySpace’s staffing had become too big and cumbersome to be sustainable in current market conditions.”

Offices in Argentina, Brazil, Canada, France, India, Italy, Russia, Mexico, Sweden and Spain are “under review for possible restructuring”. London, Berlin and Sydney are to become the group’s key international sites.

Last week MySpace announced it would cut 30% of its US workforce, to 1,000.

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