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), Intel’s (INTC) venture arm, Spark Capital and former Disney (DIS) CEO Michael Eisner.
You know, it's kinda sad that Veoh is going. Sure, it doesn't have the YouTube charm, but at least you don't have to be a YouTube Partner to upload videos over ten minutes. It's primarily where I go to watch Kamen Rider episodes. I even had my own account, even though I did nothing with it. Yet, I'm saddened by this. I don't know when it will close down, but I better finish Agito quickly :) Yes, I'm watching Agito, and it is AWESOME!
Ahem. That is all.