Thumbplay confirms staff cuts

Mobile entertainment destination Thumbplay confirmed staff layoffs across its organization, disputing reports it laid off as much as a quarter of its roughly 100 employees but declining to disclose the official number. "This is preparation for what all indicators show will be a prolonged economic downturn," Thumbplay CEO Are Traasdahl writes in an emailed statement. "Thumbplay, like every responsible company out there right now, is preparing against future risk." Traasdahl adds the company is on track to exceed its year-over-year revenue growth in 2008 by more than 50 percent, and anticipates solid growth in 2009.

In March, Thumbplay raised $18 million in its Series E funding round, according to a regulatory filing reported by peHUB. Listed shareholders include Softbank Capital, i-Hatch Ventures and Verizon Investments. The company previously raised in excess of $35 million, including an unannounced $17 million Series D round completed in mid-2007. Each month its Thumbplay.com site receives more than 5 million unique visitors and its WAP site receives more than 12 million page views-content partners include EMI, Sony Music Entertainment, Universal Music Group, Warner Music Group and Sony Pictures Television.

For more on the Thumbplay staff cuts:
- read this MediaPost article

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