MySpace to slash 300 jobs outside US

MySpace will cut jobs to reduce costs

Social networking web site MySpace will eliminate about 300 positions at offices based outside the US as it struggles to cut costs and cope with plunging advertising revenue.

The restructuring will take place at all the company’s international branches, although the web site’s operations in Japan and China will not be affected.

The news follow the firm’s announcement that it would cut about 30 per cent of its US workforce to become more efficient.

According to research firm eMarketer, MySpace's ad revenue outside its primary market would reach only $25m (£15.3m) out of the global total of $520m.

Conversely, its rival Facebook is expected to post $300m in advertising revenue this year, up from $250m reported in 2008, with non-US revenue representing $70m of that total, which is also set to increase from $40m last year.