MySpace Layoffs Indicative of Social Media Market?

While unconfirmed, it’s being reported by several sources that MySpace is getting ready to undergo hefty layoffs to its company which currently employs around 2900 people. The large social network, part of Fox Interactive Media, has been struggling to maintain its dominance from a platform perspective, losing ground to other networks like Facebook in many areas of the world.

From a business standpoint we’ve seen MySpace advertising decreasing along with its traffic, and the company is also poised to lose its revenue-generating deal with Google some time next year.