Full FeedHotOrNot sells for $20 million
Based on recent reports, HotOrNot is about to be purchased for $20 million dollars by investors connected with Avid Life Media. Avid Life is reportedly interested in setting up a larger HotOrNot media company and might be in the buying mode for a few other similar properties.
HotOrNot was originally founded back in 2000 by James Hong and Jim Young and has consistently generated enough traffic to attract interest. HotOrNot makes most of it’s money from advertising and premiums charged to their user base of nearly 5 million. Their annual revenue is estimated to be around $5 million, with $2 million in profit. Hong and Young will no longer be operating the business on a day to day basis and seem pretty happy with that.
“We’ve been working on HotOrNot for seven years now,” said Hong, adding “It’s time to break up with this girlfriend.”
Via [Tech Crunch]
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7 years is quite a long time but nice job anyway. Main problem is what to do then :)
on February 13, 2008 at 06:59 AM - LINKGood for Hong and Young!, they deserve to give themself a break, since they’ve created a very interesting application like Hot or Not.
I really love the website, you can spend hours rating people to get a ‘double match’. So congratulations to these Internet genius!
Federico
on February 13, 2008 at 07:52 AM - LINK