MySpace has been freeing up some “space” with plans of firing 47% of its staff, this seems like a clear sign of its final stages towards its demise.

MySpace’s current owner NewsCorp, may be looking to sell this sinking social network this coming June, first sign of this is firing 500 of its employees for a reconstruction by entering with local partnerships in the UK, Germany and Australia to manage advertising and content.

The social site became less social and more focused on its strength’s within the music and video industries after Mike Jones became Chief Executive Officer. They tried reviving the site by renewing an advertising pact with Google Inc last month. Even with more than 3.3 million new profiles created, and mobile users rising 4% between November and December to more than 22 million, MySpace will soon become a distant teenage memory.

“Today’s tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability,” Jones said in the statement. “These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product.”

After the full reconstruction takes place, the once known MySpace will be up for grabs to private equity firms and possibly Yahoo Inc. by this coming June.

MySpace was once a frontier in the social media realm, paving the way for the likes of Facebook and YouTube. Unfortunately due to too much user control, auto-playing songs and over crowded pages, MySpace lost its appeal and since then has been replaced.

Like anything that stamps our history or ingrains itself within a memory, it was once a place where teens could socialize, undiscovered artists could express themselves and a beginning towards a road that then we could not foresee, the road towards Social Media.

Now it’s the beginning of an end.

Now is the time to say Goodbye to MySpace.

Will you be sad to see MySpace go?

***

Read more Social Media stories on our blog

Written by Erin Ryan
+Erin Ryan is a writer for various Social Media & Tech blogs and currently works as the Director of Social Media for the Internet Marketing Company, Wikimotive. Erin has a keen understanding of the power of Social Media for business and fervently stays up-to-date. Creator and head editor of Socialeyezer She enjoys finding the latest in social media, tech and geek culture. Erin often expresses her thoughts and opinions on TheErinRyan. Connect through Erin Ryan's About.me Profile