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MySpace overhauls to revive growth

With shrinking audiences, deep layoffs and two management shake-ups, News Corp’s MySpace, the one-time leader in Internet social networking, has had a rocky year.

business Updated: Mar 10, 2010 21:44 IST

With shrinking audiences, deep layoffs and two management shake-ups, News Corp’s MySpace, the one-time leader in Internet social networking, has had a rocky year.

Mike Jones, who took over as co-president last month with Jason Hirschhorn, said that even within MySpace some employees have lost the will to keep fighting.

“We are at the point now where we need believers,” said Jones, noting that the company has encouraged various individuals not fully committed to the cause to leave and has hired new talent.

At the company’s Beverly Hills headquarters on Monday, Jones and Hirschhorn pulled the curtain back on a new version of the site that will be rolled out in installments.

The new site recasts MySpace more strongly around its music and media content, with features such as the ability to listen to a music playlist based on songs that other MySpace users are sharing in their stream of updates.

The goal is to spur growth among new users and to lure back users that have departed, says Hirschhorn. “We do not want to stay at 100 million (users) or 120 million. We want to grow to 200 million or 300 million.”