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Ad-revenue sharing news portal Streem closes

Staff (Social Media Portal) - 28 November 2008

Ad-revenue sharing news portal Streem closes

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Australian news portal Streem closes due to financial climate



Australian news and information portal Streem has become another victim of the global financial crisis, announcing that today will be its last day of operation.

Streem offered its registered users the opportunity to earn revenue from their blogs, photos and video content.  Whilst Streem wrote all the news in house, users were able to blog about the content appearing on the portal, and send in photos and video and earn up to 25% of the advertising revenue generated on the page.  Users were also encouraged to promote their content through social network such as Facebook and MySpace and social bookmarking sites like Digg, Reddit and Newsvine.

Elgar Welch of Streem commented, “We founded this company on a base of choice, independence and Australian ownership.  We maintain respect for our competition, who dwarf us in size, reach and impact.  We believed honestly in what we were doing and thought truly that an independent, competitive and up-to-the-minute choice was something lacking in the Australian market.”

Users were advised early this morning, Australian time and were able to claim all their owed ad revenues for 48 hours after the announcement.

Welch went on to say that the company was unable to sustain rising costs and a deteriorating Australian economy and hinted at unsuccessful attempts at getting funding.  “Our project was one of ambition, personal drive and the chance to win.  We did believe in its success, but like many businesses in Australia today, will go down a victim of a frozen credit market and hesitant investment community.”

Streem will remain online until Sunday.

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