Credit MySpace for once dominating the social networking scene and, more recently, trying to reinvent itself as an all-around entertainment epicenter. But let's be real, MySpace blew its opportunity to become what Facebook already is, and there doesn't appear to be room for both to coexist.

According to AllThingsD.com, things are about to get worse. Layoffs loom for perhaps as much as 50 percent of MySpace's workforce, AllThingsD.com says, which works out to around 550 pink slips.

Citing "multiple sources familiar with the situation," AllThingsD.com says nothing is a done deal, but all employees have been put on notice to start saving their pennies. The suits in charge are also batting around the idea of selling MySpace, though there's no word of any potential buyers.

Let's not kid ourselves, MySpace, while once the hottest social networking destination in cyberspace, is now yesterday's news courtesy of Mark Zuckerberg and a little place called Facebook. Ever since Facebook steamrolled over MySpace on its way to 500 million members, the once popular social portal has struggled to regain relevance, and the company hopes a facelift (and change in focus) will do the trick.

Currently in beta form, the redesigned site puts a lot of emphasis on entertainment integration in hopes of attracting a younger, more hip audience.

"This marks the beginning of an exciting turning point for Myspace. Our new strategy expands on Myspace's existing strengths -- a deep understanding of social, a wealth of entertainment content and the ability to surface emerging cultural trends in real time through our users," said Mike Jones, CEO of Myspace. "Myspace is unique in that it is powered by the passions of our users, who program the site by expressing interests, sharing tastes and knowledge around particular topics, and scouting out up-and-coming subcultures. This is the just the first step and there will be many more features, programs and improvements to come."

The beta site sports a new user interface along with new features like content hubs, personalized streams, a discovery tab, and more. Registered users have the ability to toggle between three different views, including List view (tradtional setup), Grid view (a magazine-like format), and Play view (a video format that allows users to watch, forward, and resize their updates to full screen).

Check out the full announcement here and watch the video below.