GigaOm, a tech news powerhouse, shocks many with its sudden shutdown!

By | March 10, 2015

GigaOm, a pioneering technology blog that became a fixture in Silicon Valley and claimed 6.4 million monthly readers, abruptly announced on Monday that it would pull down its shutters. The news has been confirmed from sources and flooding tweets.

Gigaom shutsdown

The site which was founded in 2006, seemed to have stopped midway abruptly – earlier Monday, it had been posting articles, most recently on Apple. News of its closure was first broken on Twitter by those associated with it. But was confirmed shortly afterward by its founder, the tech journalist and venture capitalist Om Malik.

“GigaOm is winding down and its assets are now managed by the company’s lenders,” he said. “It is not how you want the story of a company you founded to end.” He did not specify a reason for the publication’s closing. But statement from management said that it “recently became unable to pay its creditors in full at this time.”

The site made money from its events, and a premium version of the site that offered specialized research and reports for professionals. Its audience was in the range of 5 million readers every month. GigaOm had snapped up other online media operations, most notably PaidContent in 2012. The company offered a white-paper research business, and also sold advertising.

The news came as a shock to many in the close-knit tech journalism community. GigaOm was still very much a going concern; it had added its analysis to the Apple Watch launch as recently as Monday morning. It was blogging news stories as recently as ten minutes before word of its closure dropped.

And that word seems to surprise employees as much as observers, starting with media critic Mathew Ingram ” This hurts more than I can say: I was just told GigaOm is shutting down — it has run out of money. We tried our best, but it wasn’t enough.”