It appears that MySpace has realized that most people are now on Facebook. Drastic cuts were made at MySpace.The once Mega Social Network site has been irrelevant for the last two or three tears, and has now decided to take the site into a new direction. What was once myspace will now become an entertainment website.MySpace still gets around 60million visitors a month, but is way behind the 150million monthly visitors to Facebook. The recent layoffs affect bout 500 employees, which is about 47 percent of the company.

MySpace said it will make 'strategic local partnerships' in countries abroad to manage advertising sales and content.

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