Myspace are reportly planning to lay off 400 employees which is being estimated to be 30% of their staff.

We could see these changes coming in after the appointment of Jon Miller, the former chief executive of America Online and the dismissal of Chris DeWolfe.
I guess myspace are starting to feel the competition from other social networking sites, especially facebook

Chris DeWolfe, the co-founder and chief executive officer of MySpace.com and Edgar Bronfman, Jr., the Chairman and Chief Executive Officer of Warner Music Group have a conversation about the future of music online and the current trends that are shaping the music industry today At the Web 2.0 Summit in San Francisco.

[youtube=http://www.youtube.com/watch?v=q26KGgWtq-E]