Veoh Finally Goes Tits Up

Web video minnow Veoh has finally called it a day and has fired all its staff in preparation for a bankruptcy filing.

Founded in 2005, the company started as a YouTube competitor until eventually abandoning user generated content in favor of hosting professionally produced video.

In that time, Veoh burned through $69.8 million in funding from big investors including Goldman Sachs, Time Warner, Intel Capital, Adobe, Spark Capital and former Disney CEO Michael Eisner. Eisner joined the Veoh board in 2006.

Not helping Veoh along the way was a big copyright lawsuit from Universal Music Group, a case that was only settled in Veoh’s favor last year.

Veoh cut 36% of its workforce in April 2009 in an attempt to slow its money drain.