Techstartup slow death watch: HI5

Tech Startups 3.0 · October 17, 2008 · Short URL: https://vator.tv/n/49c

source: http://blog.wired.com/business/2008/10/hi5-cuts-10-to.html

"One of the largest social networks in the world has laid off a number of employees this week as part of a “restructuring” effort, according to Tech Crunch.

Mike Trigg, VP of Marketing for hi5, confirmed the report saying, “the world changed for everybody dramatically last week. We are focused on growing our business. We have great momentum.”

He added that they are also bringing on new people, and so the cuts will be balanced out by new hires.

Hi5 is currently the third largest social network, according to ComScore, below Facebook and MySpace.

No Hi5’s Today. No. 3 Social Network Lays Off 10 to 15 Percent Of Staff [Tech Crunch]"