MySpace, the former king of social media, is rebranding itself as an entertainment hub.
Apparently it takes fewer employees to run an entertainment hub than it does to run a social network. (Apparently parent company News Corp. didn’t see the movie.)
MySpace has fired 47 percent of its workforce, about 500 employees, as the company struggles to survive.
According to the San Francisco Chronicle, the company is forging relationships with companies in the United Kingdom, Germany and Australia
As part of the restructuring, the company is forging partnerships in the United Kingdom, Germany and Australia for advertising sales and content for its new “hub” operation.
MySpace still has 110 million members worldwide. But Facebook has grown to about 600 million at this point.