Europe to go titsup.com
So says PwC
Europe is going titsup.com thanks to Internet companies burning money faster than ever before, a report by PricewaterhouseCoopers has said.
Only 28 per cent of the big Internet companies (it spoke to 150 firms) are making a profit - down from 45 per cent in its previous quarterly survey. Of these companies, 23 are looking shaky and could be out of cash by autumn (but the management is getting a nice 60 per cent pay rise). And what with investors at the moment...
Purchases and sales are on the up but companies are spending even more money trying to grab market share. The lifespan of dotcoms has also slipped from 20 months to 18.5 months, with those going for consumers being put out their misery the fastest.
There's also a bit of a wealth gap forming - the successful companies have seen their value triple while the unfortunates have lost three-quarters of their value.
This sorry tale was backed up by headhunters Challenger Grey and Christmas (is that a real name?), who say that this month was the worst ever for titsup.comers. 12,828 have gone down and 54,343 have lost their jobs. Dear oh dear.
However, one famous person who hasn't been caught up in all this Net nonsense is David Bowie. He's done some really innovative stuff on his Web sites but has managed not to get carried away. The Internet, he told the Daily Telegraph, is "about building the future, not about making money". Subsequently, he has lost nothing in tech stocks collapse because he never invested in them in the first place. Well in Dave. ®
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