MySpace shows decline

MySpace proved today that even social media are not safe from the current economic decline.

News Corp. officials announced Wednesday the lay off of about 30 percent of the social networking site’s employees. The change brings the company’s domestic staff to about 1,000 employees, according to a press release.

Company officials claim the layoffs will help them minimize a bloated staff and become more innovative and competitive in the market. Perhaps what they actually mean is that they need to get rid of some people so they can attempt to compete with Facebook?

Either way, the layoffs indicate that no form of media, even social ones, are exempt from economic concerns. Could it be that the current market is impacting ALL businesses, including all forms of media? It seems like I’ve read something like that before (“The Paper” adds insight to current newspaper woes).