Andre Yoskowitz
11 Feb 2010 23:17
Veoh, the "revolutionary online video service that gives users the power to easily discover, watch, and personalize their entertainment viewing experience," has announced today that they will be laying off most of their staff as they head in Chapter 7 bankruptcy in the upcoming months.
The site has yet to find a business model that has worked, and has used all $70 million they received in funding from venture capitalists and large investors such as Time Warner and Goldman Sachs.
CEO and Founder Dmitry Shapiro has been actively looking to sell the company, but Veoh had been embroiled in a lawsuit over copyright with Universal Music Group which had all but killed a possible sale. The funny part was that they won the lawsuit, which ruled the site was protected under the DMCA.