It was a site that wrote about tech news. Here is one staff writer's take on it all:MyraScott said:What's Gigaom?
So you took on a bunch of debt (which you almost certainly had to personally guarantee) with no viable income stream. Well done.In 2008, our company decided that we would not pray at the altar of pageviews and advertising metrics that do nothing but devalue our readers time and attention," Malik wrote in a post on February 20, 2014.
Funniest thing I've read all day. Wish I had not been drinking coffee at the timeKelliWolfe said:So you took on a bunch of debt (which you almost certainly had to personally guarantee) with no viable income stream. Well done.
Welcome to Dotcom 2.0. My name is Kelli and I'll be your flight attendant this evening. Emergency exits are located in the front, rear, and over each wing. If you currently hold tech stocks with PE ratios nearing infinity which haven't made a dime since their initial offerings, you might want to start thinking about those exits now. In the event of a water landing your seat cushion may be used as a flotation device - until the giant vampire squid frontruns you and then drags you screaming beneath the waves. We do provide complimentary airsickness bags - you're in for a bumpy ride and you'll probably need them.
I want to thank you for flying Dotcom 2.0, and remember - if you lose your shirt it just makes it that much easier to get a tan while you're panhandling for change at the intersections. Happy landings!
To be fair to Om Malik (Gigaom's founder) it did start out as a personal blog/side project about 10 years ago. But then he started taking money from investors to grow, much like Apple and HP did. But unlike Apple and HP, which were in new industries with real sales and high barriers to entry, selling information online is ridiculously competitive, with poor sales and low barriers to entry.Jay Allan said:Expensive offices and huge staffs are not necessary to run a web site. Apple started in a garage, just like HP. But all these people today think it's impossible to start a business without a $10,000 teak conference table that holds 20. They deserve to fail. Though I did like some of the content on the site. It's too bad they couldn't approach it realistically and maybe make a go of it.
Sad. That's why we can't have nice things.ilamont said:Gigaom had a great writer covering the ebooks industry -- Laura Hazard Owen. She covered Amazon's book/Kindle businesses, the decline of B&N, and many other topics. I hope she lands on her feet, because this industry sorely needs more press coverage.
Regarding the failure of the business, I have looked into the numbers if anyone is interested but it basically boils down to a crazy cost structure that could only be sustained through continued infusions of VC cash. This is common in the online news world -- Business Insider has raised nearly $56 million (including from our friend Mr. Bezos) and Buzzfeed is approaching $100 million. The only way they can keep raking in the VC cash is through clickbait-driven traffic growth and the hope that AOL or some other sucker will eventually buy them out. Gigaom tried to base a digital media business on quality, didn't see the traffic or subscription numbers, and the VCs pulled the rug from under them.
Here's something to think about: What happens when Oyster and Scribd, which are also heavily funded by VC cash ($48M for Scribd and $17M for Oyster), and are competing against Kindle Unlimited, don't see the growth metrics that their investors demand?
Reminds me of how much I used to loveBluebonnet said:Sad. That's why we can't have nice things.
Your comment about AOL buyouts and clickbait articles made me think of Huffington Post. I used to enjoy browsing HuffPo and reading articles on various topics, although it did bother me, as a writer, that so many people were blogging for HuffPo without getting paid. Then Ariana saw a big payday opportunity and sold out to AOL. Now HuffPo is just a big, boring, clickbaity, ad-infested mess.