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CNET: Cutbacks at Social Video Startup Viddy


CNET reports that social video startup Viddy has fired twelve employees (around a third of its staff) in the face of strong competition from Vine, a Twitter app. The cutbacks occur within a month of the firing of CEO and co-founder Brett O’Brien, who was said to have rejected a purchase offer from Twitter. Viddy labeled the Instagram of video enables cell phones to capture and share 15-second videos that can be improved using audio and video filters. Viddy’s board confirmed the staff reductions in a statement: “As the board continues to review Viddy’s business, we’ve identified specific ways to streamline costs which include eliminating some positions. These changes will allow the Viddy team to be focused on bringing the most innovative and engaging social mobile video product to market.”  Read more