• gregorum@lemm.ee
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    1 year ago

    There are a number of details in the article which explain where the money went. Did you read it?

    • grabyourmotherskeys@lemmy.world
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      1 year ago

      There is nothing explaining expenditures at all. They state they downsized and eliminated development of VOD. They also said they probably cannot secure additional financing.

      I don’t find it that hard to believe they burned through that cash. It’s a lot of money but they probably signed massive deals with overpriced, incompetent consultants that subcontracted to overpriced, incompetent outsourcing.

      They probably also went nuts on infrastructure again through a few layers of b.s., each of which took a cut.

      Anyone who thought a site like this was going to be profitable in first few years, or really ever, is nuts. I mean the man ran a casino into the ground.