On Tuesday, social networking site MySpace said that that the across-the-board restructuring that the company is planning - a move that will witness the company cutting 500 jobs - essentially marks its efforts to create a "much tighter focus."

The proposed job-reductions, which will affect nearly one-half of the MySpace staff worldwide, were a part of the once-trendy social network's October-announced overhaul. As per MySpace CEO Mike Jones, the broad restructuring efforts of the company are a move in the positive direction.

According to Jones, it was imperative for the company to undertake the mentioned job-cuts so as to move the site towards sustained growth and profitability; especially after its re-launch, in fall last year, as a "social entertainment destination" aimed at the younger users.

In a statement pertaining to the MySpace restructuring move, Jones said in a statement: "The new organizational structure will enable us to move more nimbly, develop products more quickly and attain more flexibility on the financial side." Jones also reiterated the company's commitment to rebuilding itself with an entrepreneurial culture that would lay increased stress on technical innovation.

Moreover, with the MySpace executives terming the recent financial losses faced by the company as "not acceptable" in November, the massive layoffs - which essentially reflect a cost-cutting move by the company - were not an unexpected decision.