Fox Interactive Media, parent of popular social networking site, MySpace, announced Monday that it would be cutting 5% of its workforce, or 100 jobs. Employees at MySpace are affected.
Social networks are notorious for having trouble monetizing their sites, despite high traffic. MySpace has found additional challenges by increased competition from social network Facebook and the social chat client, Twitter.
But it's not for lack of effort on MySpace's part. Last year, they redesigned their site and launched a self-serving ad platform. MySpace has also partnered with Google and Yahoo in the OpenSocial effort to help social profiles be portable among several sites.
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Many of SEW's leading expert contributors will be at ClickZ Live, the new online and digital marketing event kicking off in New York (March 31-April 3). Hear from the likes of: Thom Craver, Josh Braaten, Lisa Barone, Simon Heseltine, Josh McCoy, Lisa Raehsler, Greg Jarboe, Dan Cristo, Joseph Kerschbaum, John Gagnon, Eric Enge and more!