Machinima Lays Off Staff After Getting $24 Million in Funding - News
by William D'Angelo , posted on 25 February 2015 / 2,506 Views
Machinima has received $24 million in funding from Warner Bros., Redpoint Ventures, MK Capital, Coffin Capital and Allen DeBevoise. All these companies had previously invested in Machinima.
Despite the huge investment Machinima has laid off 13 of its 90 full time employees, as well as some of the part time employees, according to Variety. The employees laid off were all working on programs that have now been cancelled.
"As Machinima positions itself for the future, we must focus resources toward high-growth opportunities," said a Machinima spokeswman. "Toward that end, today Machinima released 13 production staff associated with Respawn, TFTW and certain shows on Machinima LIVE as this content was simply not delivering the monetization that supports our path to profitability."
"Machinima is in development on its expanded 2015-16 original programming slate, details of which will be unveiled at its Newfront presentation on May 4. Separately, the company also has 15 open positions associated with programming, talent development, business intelligence, sales, marketing, product development and engineering."
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A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel dedicated to gaming Let's Plays and tutorials. Outside, in the real world, he has a passion for the outdoors which includes everything from hiking to having received his B.A. in Environmental Studies. You can contact the author at wdangelo@vgchartz.com or on Twitter @TrunksWD.
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So basically those companies said, "We'll give you a ton of money if you do exactly what we say." Yeah, that's exactly what I want my free and open internet platform stuff to turn into--another corporate-controlled TV channel.
What is Machinima?
i hope they gave them a chunk of that money
