No More Secrets Sharing Via ‘Secret’! The Anonymish App Is Being Shut Down
After going through lots of ups and downs, Secret, the anonymous sharing app, is shutting down forever, sources with insight of the matter revealed.
The company was successful to raise $25 million, for its smartphone app, last summer. In recent times, however, the company has been struggling to maintain its profitability. Tough circumstances eventually compelled CEO David Byttow to decide the fate of his company. And he decided to shut it down, as BuzzFeed had reported earlier on Wednesday.
“After a lot of thought and consultation with our board, I’ve decided to shut down Secret,” Byttow stated in an online post. “Unfortunately, Secret does not represent the vision I had when starting the company, so I believe it’s the right decision for myself, our investors, and our team.”
Mr Byttow said that Secret will be closed over the course of next few weeks and investments would be returned to the relevant people. “I believe in falling fast in order to go on and make only new and different mistakes,” he added.
Byttow has started giving severance packages to his employees which are not more than ten now, according to TechCrunch.
Secret, launched last year in February, is ready to expire after living a little over than a year. Though the company struggled for sustainability, in times, it had been very popular with users. When the company was at its peak, its downloads exceeded 10 million.
Recently, Secret’s usage has been rapidly depleting. By the end of 2014, it was even excluded from the iTunes top 1500 apps.
Abubaker Zahoor writes on diverse topics with special interest in innovations, tech-ethics, and inter-and intra- organizational business relationships.