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Veoh has let go most if not all of its workforce and may be ready to file for Chapter 7 bankruptcy protection in the near future.
Veoh, an online video sharing website similar to YouTube, was recently the victor of a lawsuit initiated by Universal Music. But due to lack of funding, Veoh had to let go about a third of their workforce last year. It seems Universal Music did enough to ensure Veoh would not be a success.
Veoh's fall shows that monetizing online video sharing is still somewhat of a difficult task, and that the threat of lawsuits, that even big guns like YouTube are wary of, makes it just that more difficult to operate such a website.
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Veoh, an online video sharing website similar to YouTube, was recently the victor of a lawsuit initiated by Universal Music. But due to lack of funding, Veoh had to let go about a third of their workforce last year. It seems Universal Music did enough to ensure Veoh would not be a success.
Veoh's fall shows that monetizing online video sharing is still somewhat of a difficult task, and that the threat of lawsuits, that even big guns like YouTube are wary of, makes it just that more difficult to operate such a website.
More:
