MySpace is ditching two thirds of their international staff and closing down at least four of their offices in a global restructuring strategy. The move will see 300 jobs lost outside of the US, leaving London, Berlin, and Sydney as the regional hubs and Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden and Spain offices all ominously “under review”.

MySpace chief executive officer Owen Van Natta said:

“As we conducted our review of the company, it was clear that internationally, just as in the U.S., MySpace’s staffing had become too big and cumbersome to be sustainable in current market conditions. Today’s proposed changes are designed to transform and refine our international growth strategy.”

Half of MySpace’s traffic comes from outside the US but it’s in America where the network has been strongest, only being surpassed by Facebook a few weeks ago. A smaller wage bill isn’t going to help growing traffic any but it’s clear that the once darling of the web 2.0 world needs to start trimming the fat as their power continues to wain.

I’d still like to think that MySpace has its place – in the music world if nowhere else – but I’m sure it’ll see numbers tumble a long way before it levels out again.