MySpace just can't get a break. Twitter and Facebook are all the rage these days, while MySpace just seemingly sputters along with no major news (other than bad news, of course).
New CEO Owen Van Natta and News Corp.'s recently hired digital head Jon Miller are said to be coming to the realization that MySpace is in much poorer shape than they were led to believe, Business Insider reports.
A source tells Business Insider that "true [user] engagement numbers are horrendous," and that the executives are scrambling to make the most of the options currently available to them.
Most pressing for the company now is its $900 million, three-year deal with Google that's nearing its end next year. Google is expected to make drastic cuts to any guarantees it makes in a new contract, which could automatically cut MySpace's annual ad revenue in half, according to Business Insider.
Although TechCrunch reported that MySpace could cut up to 500 employees soon, a source tells Business Insider that the 1,500-person staff might be cut in half.
