The451.com wields job axe
The451.com, the absurdly self-regarding paid-for IT news site, is reducing headcount by just over 20 per cent, taking staff down from 50 to 39, The Industry Standard reports.
The Durlacher-backed business is also wielding the axe on satellite offices in Hong Kong, Germany and Australia. But it's staying in the US, where it has offices in New York and San Francisco, and where it gets 60 per cent of its sales.
The451.com is seeking fresh finance, but Durlacher is not exactly in the best of positions to stump up cash -- the boutique investment bank is seeking to merge itself, according to press reports at the weekend.
The Industry Standard Europe cites press reports that one potential backer was put off by The451.com's supposed cash burn, an astonishing £200,000 a month.
We thought it was always an unlikely trick to pull off - getting enough companies to buy general IT news (as opposed to niche, drill-deep newsletters). The online IT publishing sector is, after all, an area drowning in good, free information. Besides, there is also a long-established incumbent in the paid-for sphere: Computerwire (from whence the founders of The451.com came). And how much money has that company ever made? ®