An inside source at MySpace disclosed to news sources that over a third of its staff is to be cut in the coming days.
Over 150 members of staff will be shed this week -- according to these insider sources -- although the timing has yet to be confirmed with a statement from the company, which is so far not saying anything.
This shouldn't come as a surprise, with nearly half of its staff being let go earlier on this year.
Though MySpace is not used by the very vast majority of the Generation Y nowadays, the memories of 'once was' will resonate through this entire demographic.
It is hard to think of a time without Facebook, but there was. MySpace filled that gap -- with flashing animated GIFs as wallpapers and nothing but user generated content; without the need for definitive expression or linear articulation.
If you were to use one word to describe the Generation Y -- in particular, its technologically focused subsectioned demographic, the iGeneration -- only one word can be used. MySpace.
In essence, MySpace allowed an entire generation of people today -- who have since migrated to Facebook, Twitter and other social media streams -- to colour in their pictures without being confined to the lines.
MySpace -- though it powered through the bubble of the 21st century and even lasted longer than its other social counterparts, Bebo in particular -- users may as well salvage whatever data they can from the site before it inevitably has its life support machine pulled.
The site, without doubt, will not be bought out. What is there to buy?
News Corporation acquired a sinking ship when it bought it in the first place. But the Generation Y have since said their short goodbyes to the network in favour of more business-oriented and structured sites -- particularly Facebook and LinkedIn.
For now, it is a waiting game. MySpace is on its last legs. Its hair is falling out, its children are asking it to change the will, and you can hear the distant cocking a sawn-off shotgun just behind the tool shed.
I still predict that while we are only half way through the year -- MySpace will not survive it. By Christmas, what was once known as MySpace will drift into the abyss of whispers as though it never existed in the first place.
But to the younger generation, it will live with us all for quite some time.
While it may be on its last legs and part of us all want to put it out of its misery out of kindness, more than anything -- it was the first place for dial-up connected kids to express ourselves in a truly beautiful, hedonistic and open way.
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- Obituary: Myspace: Nostalgic memories of what once was
- News Corp: MySpace for sale or another 'strategic alternative'
- Report: MySpace to cut half of its staff this week
- News Corp: MySpace for sale or another ’strategic alternative’
- Is Mashup with Facebook a sign of the end for Myspace?
- CBS News: MySpace Hangs On By A Thread
- Cyber Monday: Wanna Bid for MySpace?
- MySpace Cedes Social Networking to Facebook