MySpace stated that Tuesday it is lowering the nearly 50 % of its staff in an effort to develop a "much tighter focus".

The layoffs, which affect more than 500 people, which were placed in context of the site's October redesign, which comprises of chief executive Mike Jones in an effort to represent as a sign of the company's positive direction.

There is no denying to the fact that the social network, Facebook is one of the most powerful tools in the industry today and after recognizing the same, MySpace has recently said that it is making possible for its users to carry over their likes and interests from their Facebook profile to their MySpace page.

While News Corp. is still in the process of securing a new search advertising pact for its social networking website MySpace.com, sources ‘in the know’ have shared the information that the company’s search ad contract with Google has been extended by one month.

The erstwhile Internet social networking leader MySpace, which has steadily been losing ground to competitors like Facebook, is venturing into the video games arena, in an attempt to regain some of its Internet foothold.

The recent figures revealed that computer users over 55 are the fastest growing group to sign up to social networking websites such as Facebook and MySpace, often using them to keep up to date with the lives of family and friends, especially grandchildren interstate and overseas.

Official announcements by MySpace have confirmed that a mere 10 months after taking up the job, Chief Executive Officer of the social networking site, Owen Van Natta has stepped down. The announcement was made on Wednesday.

Effective immediately, Mike Jones and Jason Hirschhorn will be taking over the position left vacant by Mr. Van Natta, and will serve as Co-Presidents of the popular website.