LiveJournal today announced a "restructuring" in their US (San Francisco) office. All product and engineering team members are gone, top to bottom. Only technical operations (keep those servers humming, boys!), legal, admin and customer service teams are staying... as of now.
SUP, the Russian internet startup that bought LiveJournal in 2007 for $30 Million, will probably start consolidating all tasks in Russia. LiveJournal is quite popular, but just like all other social networks (except MySpace), has failed to figure out how to make money.
LiveJournal is just the latest social network to start going under. Some others I've covered (a sample of the pain in social networks) are:
- Hi5, which represents the second tier of social networks after Facebook and Myspace
- LinkedIn, representing the business social networks
- Sneakerplay, representing the ultra-niche networks
- Ning, representing the overly funded network enablers
- Zivity, representing the adult social networks (yep, it really is a downturn)
- And, of course, Facebook's theoretical value falling (theoretically) from $15 Billion to $1.5 Billion.
Quite painful, unfortunately.
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