MySpace shuts down Korean office
In a recent article TechCrunch reported that MySpace will close its satellite office in Korea by the end of the month. The Korean portal’s operation will be continued by the staff of the other Asian offices. The layoff will affect less than 10 persons the company said. Although MySpace didn’t comment on user statistics in Korea, without much doubt the company’s growth expectations haven’t been met.
The major hurdle to succeed in the Korean market consists of the local social network pioneer Cyworld, which was already established 1999. According to recent reports 9 out of 10 Koreans in their twenties are using Cyworld! Needless to say, that for this reason and the distinctive features of the Korean market, MySpace always was struggling to gain ground there.