Mode Media, once valued at $1 billion, shuts down abruptly
Mode Media, a Brisbane-based content network once valued at more than a billion dollars, abruptly shut its doors Friday.
Founded in 2003, Mode Media described itself as a social networking platform for creators to upload videos and build branded content, generating traffic and ad revenue. In addition to in-house staff, the company maintained a network of thousands of freelance bloggers who contributed to their network in a revenue-share model.
But the company told employees that it was closing operations entirely on Thursday afternoon. In a company-wide memo obtained by the Wall Street Journal, the company said that “we deeply regret having to take this action and we wish we could have provided you with greater notice.”…(more)
Another one bites the dust.