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Posted By	Discussion Topic: Live365: Bad News, Good News...
Chuck217 Karaoke Whore!!! The movie "DUETS" was written with me in mind...	posted on 12-03-2001 @ 4:49 PM
Psychopath Registered: Aug. 00	Live365: Bad News, Good News < Tue, Oct 23 2001> On the same day that Live365 ranked number one in Arbitron’s September webcast ratings, the online broadcaster confirmed that it has laid off a number of employees to conserve cash. Foster City-based Live365 has confirmed that it has laid off 16 employees, including several senior level executives, in an effort to reduce burn rate of cash on hand. Live365 is one of several webcasters in less than a week to indicate it would either reduce staff or close its doors outright. RadioWave last week said that it would be forced to close its doors within two weeks if it is unsuccessful at securing additional funding, while New York-based ClickRadio has already shut down altogether. NetRadio also recently folded, saying that is was unable to financially support continuing operations, and citing a failed attempt to be acquired by the Advisory Board Inc., a media company based in New York City. "This is a restructuring intended to reduce the burn rate," John Jeffrey, Live365 EVP of coportate strategy and general counsel told Gavin. In an irony that raises a number of eyebrows, the news comes on the same day that Arbitron announced that Live365 ranked as the number one network in the Arbitron Webcast Ratings for September. Live365 was listened to for amlost five million aggregate tuning hours (ATH) while RadioWave ranked second with 900,200 ATH. Alan Wallace, who until today had been the principle spokesperson for Live365, holding the position of SVP of communications for the company told Gavin, "The timing is too bad. Arbitron just today announced that we’re vastly outpacing out competition, yet we had to make these cuts in staff. Of course, I continue to wish the company well. It was a wonderful experience and I wouldn’t trade it for the world." The move signals that a management restructuring is soon in the offing. "The president of the company is still here and our CFO is actually out on maternity leave but will remain with us," Jeffrey said. "The truth is that we’re letting go very, very talented people, which isn’t optimal, but sometimes that’s necessary in order to weather the storm." Jeffrey would not elaborate on which other senior level management personnel have been let go. Alan Wallace can be reached at (650) 574-1400 of via email at [email protected]. http://www.live365.com/stations/268123 ChuckRadioToo! 24/7 Original Artists ChuckRadio: This ain't no Summer's Eve..

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