TMG confirms shutdown of Hyves social network

Thursday 31 October 2013 | 16:16 CET | News
The Telegraaf Media Group has confirmed plans to shut down the Dutch social network Hyves. Users will have until mid-November to apply to download personal photos and videos from the site, and Hyves expects to process the requests by the end of the year. Started in 2004, Hyves was acquired at the peak of its popularity in 2010 by TMG for EUR 43.7 million. After the takeover, the site steadily lost users to rivals such as Facebook. In March this year, TMG wrote down Hyves' value by EUR 37 million, and TMG said at its interim results Hyves would have until the end of this year to turn around

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Categories: Internet
Companies: Hyves / Telecompaper / Telegraaf Media Groep
Countries: Netherlands
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