Advertisers are trying to adopt more cost efficient practices. Because of advertisers, Google, My Space, and Face Book made a fortune. My Space is not enjoying the same advertising revenue as it once did. Though they never stated that, I'm sure that advertisers are being frugal.
Cutting 30% of the total company workforce shows that Internet companies are experiencing the same issues as other businesses. What should My Space do to rediscover their image? My Space has claimed they want to start at the beginning; they plan to use startup practices to attract business once again.
My Space needs to hire on a team to figure out what caused their problems. Leadership is one of the most important practices in any working environment. A leader must recapture the vision.
My Space's original goal was to create a social networking site for music. They accidentally fell into the networking business. Many of the users are not making money for My Space because they focus on socializing.
My Space must attract older adults that need products. They have to conduct research to figure out what their target population is and what they can do to attract them.
Marketing their company will increase traffic and attract more advertisers. Every company goes through a rough patch. My Space will make it through the economic downturn.