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Buzznet, a social network of music and celebrity-related blogs, cut its staff by 10 to refocus efforts on its more popular products in the poor economy. For this reason, the Los Angeles-based company actually has plans to increase headcount in sales, editorial and engineering divisions, reports VentureWire.
Stereogum, Absolute Punk, Idolator and Celebuzz are all connected via the Buzznet network, which saw a 50 percent increase in revenue this past quarter. It’s last investment round, valued at $6 million, came in 2007 from Anthem Ventures and Redpoint Ventures. In the past, it has also received funds from New Enterprise Associates, Sutter Hill Ventures and the Universal Music Group. The layoffs reduced its staff to 79.
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