Online video startup Veoh Networks has filed for bankruptcy, with CEO Dmitry Shapiro blaming two years of litigation from Universal Music Group, which sued Veoh for copyright infringement – a case that was eventually dismissed in September last year. CEO Dmitry Shapiro says the lawsuit was a big factor in Veoh’s demise: “It was both financially draining and distracting, and it choked off the ability for any significant strategic deals, because everybody we talked to was terrified of getting sued immediately”. However, All Things Digital digs a little deeper, pointing out that Veoh was likely overspending on staff and infrastructure in an effort to rival YouTube, just as the online advertising market started to shake. Source: All Things Digital
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