Citing the grim economic scenario, the Hollywood entertainment trade magazine Variety has announced that it will very soon be putting up the shutters on its last year released social network 'The Biz.' It was almost exactly a year back that the social network was launched by Variety in association with online job site Jobster.

Announcing the closure of The Biz network from March 2, Variety said that the deepening recession calls for a greater focus on job listings rather than social networking. As such, taking the place of The Biz will be a job-specific site - namely, VarietyMediaCareers. com.

Even though jobs have always been an important constituent of The Biz, more so since it was created with Jobster, but henceforth, jobs will become the site's absolute focus.

In its exclusive email to the users of The Biz, Variety wrote that the social networking site was being shuttered to make way for a fresh and enhanced industry jobsite. The proposed site, with the spotlight on the job market, will endeavor to bring together employers and candidates within the world of entertainment and media.

The email also said that the Biz users will automatically be directed to the new site, and though the users' login will remain the same, a new, temporary password - which can be changed after a successful log in - will be emailed to them.