NEW YORK — The bubble of excessive funding of of digital media companies is over, according to paidContent founder and editor Rafat Ali.
Beet.TV caught up with him at his company’s packed mixer last night at the IAC headquarters.
The second half of the year does not look very good as many venture backed companies will be running out of money and smaller companies will fold or sell, he told me in this interview.
Despite the gloom and doom, the party was great. And Rafat is bullish on his business and in is expansion mode. He told me he hopes to add five journalists to the staff soon.
The mixer was part of Internet Week activities in New York.
Oh, and by the way, the party marks the sixth anniversary of paidContent. Congrats Rafat and the team on all their accomplishments.
— Andy Plesser