We’ve gotten word that niche ad network Betawave has as of today run out of money to continue operations. Betawave integrated ads and products for a portfolio of sites primarily in the gaming, mom and teen verticals.
Some publishers have not been paid in 6 months and were only hanging on to see if Betawave would merge with Realgirlsmedia, a deal which apparently fell though according to a source. Betawave confirmed to TechCrunch that they are now in discussions to sell the business with the following statement.
“We had a great run, we are really proud of our people. We were severely affected by the economic downturn last year, which left us in a very difficult position this year. We managed to make it through most of the year, but weren’t able to achieve profitability.
Some of our assets and our intellectual property will be acquired by third parties and we think many of our employees will get picked up as well. In the end, we know we made an impact by the number of different companies espousing many of our philosophies.”
We last wrote about Betawave back when they were child-oriented media company GoFish and had just raised 22.5 million in financing. I’m being told that most of that money went to paying off debt.
Betawave Corporation (www.betawave.com) is an online media company with a premium portfolio of publishers that creates unique brand experiences at scale. Betawave has assembled some of the leading gaming, social media, entertainment, lifestyle, and parenting websites to deliver highly attentive audiences for brand marketers totaling over 39 million U.S. unique users. Since launching two years ago Betawave has grown to be #1 in reach to Kids, #1 in time spent with Moms and #1 in reach to Parents.
GoFish (OTCBB: GOFH) is an entertainment and media company focused on brand immersion experiences that reach consumers in a deeply engaged state of mind. GoFish specializes in aggregating and distributing premium content on a large network of quality sites for which GoFish is the exclusive brand advertising monetization partner.
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