Color, once regarded by investors as one of the most promising new social media networks, shuts down
About a year ago Color Labs was revealed to the world as one of the most “innovative” new social networks in the world. It garnered huge interest from tech blogs and investors alike, going so far as to raise a whopping $41 million in pre-launch venture capital last year. Investors were clearly excited.
Unfortunately for Color Labs, consumers were not so excited. The social network has been a massive flop, with many reviews calling it nigh useless. I personally uninstalled the application from my iPhone in under a week and have promptly forgot about since then. In a clear sign of defeat, Color Labs’s shareholders yesterday voted to shut the company down. Color will reportedly be gone by the end of the week.
This is a particularly large defeat to not only those investors, but also to Verizon, who recently entered a multi-year agreement with Color to bundle the application out of the box with some of their Android phones.
Goodbye, Color. We hardly knew ye.