Cash Flow Solutions

Well I’ve got some very bad news for those who like to watch the reviews that got a ton of negative feedback and very few positive feedback. My AWFUL GAMES/BOOTLEG Archive on Veoh (not MegaVideo) is closing down soon. Why? This is why:

http://mediamemo.allthingsd.com/20100211/veoh-finally-calls-it-quits-layoffs-yesterday-bankruptcy-filing-soon/

“Veoh, one of several well-funded start-ups that have tried and failed to cash in on the Web video boom, is finally calling it quits. The company let go of the remainder of its workforce yesterday, and sources say it plans on filing for Chapter 7 bankruptcy protection in the near future.

Veoh, which started as YouTube-style site, has struggled for years to find a business model that works and has burned through $70 million in funding from name-brand investors like Goldman Sachs (GS), Time Warner (TWX), Intels (INTC) venture arm, Spark Capital and former Disney (DIS) CEO Michael Eisner.

CEO Dmitry Shapiro declined to comment. He is tweeting, though:

‘A bittersweet day’ -dmitry

UPDATE: Shapiro is talking now. Heres my conversation with him, and a blog post he penned himself.

This one has been a long time coming. Last year, the San Diego-based company laid off about a third of its staff, replaced its CEO with founder Shapiro and focused on developing a Web browser-based app. Shapiro has also been actively looking for a buyer, but a copyright lawsuit with Universal Music Group made the site a difficult sale.

The company was buoyed last fall when it effectively won that lawsuit: In a sweeping ruling, a federal judge ruled that Veoh was protected against the music labels copyright claims by the Digital Millennium Copyright Act.

That decision gave Veoh executives the confidence to try to gather up yet another funding round. And as recently as January, the company thought it might be able to convince its existing investors to pony up yet again.

But that plan collapsed in the past few weeks, sources said. Its striking that Veoh couldnt find any buyer willing to pay up for either its technology or its audience, which was supposedly at 25 million uniques last spring.

Heres a post-mortem from Sparks Todd Dagres, a Veoh board member:

‘Veoh is dead. Universal Music lawsuit was the main killer. Veoh won resoundingly but was mortally wounded by the senseless unit. Next.’ -ToddDOwl”

I’m not that surprised. Veoh barely had any exposure and there were certain countries where Veoh was banned.

And now that it’s going out of business, I highly suggest that you go and watch all my reviews while ya still can:

http://www.veoh.com/users/AllieRXreviews
http://www.veoh.com/users/AllieRX87

Duration : 0:6:13

Technorati Tags: archive, awful, Bankruptcy, blip.tv, bootleg, chapter, closing, down, ds, games, hits, in, megavideo, nintendo, peace, r.i.p., radical, rest, reviews, rip, seven, shit, shutting, veoh, wii

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