More Layoffs: 60Frames Drops 40%
Online video studio 60Frames has laid off six of its 14 employees, as was first reported by the Hollywood Reporter today. We were able to confirm the report, though the company declined comment. The cuts were made across all departments of the company.
60Frames recently scored a deal with NBC through which its online series will be picked up by the network if they have sponsors. That deal is still in place.
Los Angeles-based 60Frames launched in July of last year with $3.5 million in funding from Tudor Investment Corp. and the Pilot Group, after bring incubated by United Talent Agency and web ad firm Spot Runner.
60Frames shows include Get Ripped and Blood Cell (though that one still hasn’t come out).
60Frames competitor Revision3 also made layoffs this week, as have many video startups — and many companies of all sizes — during this recent economic downturn.
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Liz, in your opinion, do you think this is pre-emptive belt tightening, or an indicator of a foundational issue in the web television studio model?
Brady Brim-DeForest on October 30th, 2008 at 5:28 pm - Permalink
WE ALL SAW THIS COMING
everyone but rev3 and 60 frames..errr -6 now,
so are they 54 frames?
alan l on October 30th, 2008 at 7:24 pm - Permalink
Looks like a pre-emptive cut to an expected downturn. However, my feel is that this downturn is going to impact traditional TV ad market much worse than online video. All told, at the end of it online video will be a force to reckon with. It’ll finally become a line item in the media plans. Liz, any opinions?
Akash on October 30th, 2008 at 8:31 pm - Permalink
Yes, and 60 Frames has some of the best content on the Web and a really impressive CEO. Hopefully this gets them through the economic downturn and continuing to produce strong shows like Erik the Librarian and WhoWhatWear.
Dina on October 30th, 2008 at 10:44 pm - Permalink
My opinion is the first generation of web studios will end up breaking some great ground, but will take too many wounds along the way to get the business right. The second generation may not need to do all that much different, but starting where these guys leave off with a clean slate will be an easier road.
Liz Gannes on October 30th, 2008 at 11:09 pm - Permalink
interesting that even though there is a big upside to being the second mover sometimes, and sometimes the opposite, we really cannot help ourselves from doing what we see to do .. predestination is the way of the world
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Will 60 Frames will follow its failing parent Spotruiner into obscurity? What sponsor wants to be associated with failure? And would NBC float this sinking boat alone if Spotruiner goes under? I don’t think so. This stuff is a fad – just another tech boondoggle. No audience. No revenue. No long-term prospects.
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