TheStreet.co.uk goes titsup.com
We don't wanna say we told you so, but...
Financial Web site TheStreet.co.uk has gone titsup.com after investors decided that £500,000 a month was a bit too much of a loss for just four million page impressions a month.
The site is the UK arm of troubled US site TheStreet.com, which has seen its main investors - Chase Capital Partners and Barclays Private Equity - ask for a bigger slice of the shares if they are to inject more money. The British site started off with just over £10 million in February this year but was looking for another £5 million to £10 million as money was going to run out in two months.
Things didn't start out well when the editor-in-chief Martin Baker left less than three months after launch. We were also a little peeved when it tried to poach one of our reporters using subterfuge.
That said, we weren't that concerned. Our editor Drew predicted its demise when it started simply because it was spending far far too much money without a decent plan to get the money in. Oh, and there's all the other financial sites, particularly FT.com. Plus the fact that the words "the street" don't have the same meaning over here that they do in the US - "TheCity.co.uk" would have made more sense.
The site's management said it had reached its targets but the money men just decided to burn cash elsewhere. We don't blame them. All the staff and debtors will get paid and then its bye-bye The Street.
Meanwhile, in the States, things look ugly too. TheStreet.com is to hack the workforce by 20 per cent - 40ish people. It will also end its link up with the New York Times this month.
Things are looking tough in the crowded finance market. Just today competitor site Interactive International Investor announced its losses had tripled.
Another bites the dust. ®
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