AdCritic.com goes bankrupt
LONDON - AdCritic.com, the US TV and radio advertising website, has folded after running out of money.
The site was set up as a hobby in 1999 by CEO Peter Beckman, a former ISP manager. However, the site's traffic quickly grew as advertising executives logged on to keep track of new commercials being produced by rival advertising agencies.
On the day of its closure, the site claimed to have 200,000 registered users, with more than 100 active advertising agency clients and more than 40,000 advertising professionals visiting the site every month. AdCritic employed 11 staff.
In an online conversation between Beckman and one of his programmers, posted on dotcom disaster site Fucked Company, Beckman admitted that after the Superbowl, "the company ran out of money".
AdCritic became hugely popular around the time of the American football Superbowl final in the US. It was largely credited with making the term "Wassup", as used in the Budweiser ads, into a household saying, after word got round that the ad was available to access round the clock online.
The site initially charged agencies £170 for hosting their ads, but raised this figure to £690 after the success of the Superbowl. It also received donations from supporters through Amazon.com and fees from companies who advertised on the site.
It has been reported that Beckman had hoped to increase revenue by offering value-added services such as conducting online focus groups.
A statement posted on the on the site read: "AdCritic.com has enjoyed a successful life as a leader in the area of archiving television and radio advertising and related information for both consumers and the advertising industry. Our business, although strong, has been unable to weather the current economic realities besieging the US today. The short answer: we became so popular so fast that we couldn't stay afloat.
"We thank you for your continued support of AdCritic.com, and hope that we will be back in full swing some day soon."
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