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Digg has finally made some critical changes to the way they are doing business. It has been reported by various sources this morning that Digg has fired about 10% of their staff and are hiring a direct sales team. I know this statement is probably bitter sweat for some of the employees fired, but Digg really needed to change the way they were doing business or eventually everyone there was going to be out of work.
This all comes on the back of BusinessWeek recently disclosing that Digg’s revenue was just $4.8 million in 2007, and through the first three quarters of 2008, $6.4 million. These results meant that they lost about $2.8 million 2007 and $4 million in 2008.
Digg are making these changes for one reason and that is to find a buyer! In my opinion Digg has to make a profit to have any chance of a acquisition. I think the team Digg have really taken the site as far as they can, because they had so many opportunities to implement Digg into a white label solution which would bring in million in license fees, but they were too busy trying for an acquisition based upon heavy loses. Is it just me or does this sound like a stupid business model. I know these days most tech startups don’t have a business model when they first start and they seem to be very reluctant to even add some advertising to at least generate some revenue. In this current climate that kind of business acument really doesn’t boad well for an acquisition!
