Myspace Lays Off 5 Percent of Workforce

Continually struggling social network Myspace is laying off 5 percent of its workforce, according to the Los Angeles Business Journal. While a spokesman didn’t disclose the size of the company’s staff, about 290 employees are listed on LinkedIn, the paper said. Myspace Chief Operating Office Chris Vanderhook said the layoffs were a consolidation effort, meant to bring the site closer to profitability.

In an email statement to the Business Journal, Vanderhook said:

We’re implementing changes at Myspace to support continued innovation and growth by streamlining operations to achieve profitability. We appreciate our team’s contributions to Myspace over the years, and are offering outplacement services and severance packages to assist impacted employees.

Myspace reported that its audience had grown to 36 million, up from 24 million in June. However, ComScore, a marketing data and analytics company, said traffic to Myspace dropped 81 percent from June 2011 to August 2013.

Myspace LogoIt was less than a year ago that Myspace launched its new and redesigned site, hoping to attract more musicians, artists, photographers and designers. The Beverly Hills-based social network was acquired by Irvine’s Specific Media in 2011 for $35 million.