Defy took $1.7 million
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I don't like typing on my phone.Basement Cat said:
But now that I'm at the library, I can somewhat talk more freely.
Discussion: With the release of this video, I do wonder if more people will start to publicly call out against Defy and hopefully get their money back. Maybe the new owner of this site would speak more of the circumstances now that the legal issues have been suspended?
Kinda of the same. Mattpat isn't really what I consider a reliable primary source. Matpat is that guy who either rambles on for a while about shit that might be really obvious upon examination(Was Snake smoking something special in MGSV that makes the time go by faster? Ya think?) or incredibly convoluted theories pulled out of his ass(a whole lot more). I'm kinda hoping for something a little more....."Journalistic", as broad as that term tends to be with this industry.Something Amyss said:
I was just thinking about making a thread similar to this. I think there's some interesting room for discussion, as the escapist itself was once in the stagnant thrall of Defy, where they spent like 5-6 years sucking the life out of the escapist by firing all the tech staff, most of the editorial, and sucking up all the ad revenue.
Remember when all that held this place up was Yahtzee for like 3 years?
They killed Gametrailers and several other medium sized gaming channels back in the mid-teens.
Then they sold the Gametrailers name and library to IGN, and eventually sold the Escapist back to Russ and co.
And now that they've folded it's almost amazing to see what other kinds of devastation has been left in the wake.
Remember when all that held this place up was Yahtzee for like 3 years?
They killed Gametrailers and several other medium sized gaming channels back in the mid-teens.
Then they sold the Gametrailers name and library to IGN, and eventually sold the Escapist back to Russ and co.
And now that they've folded it's almost amazing to see what other kinds of devastation has been left in the wake.
In terms of discussion, this Variety article points to at least a few warning signs that have been rumbling for awhile:
https://variety.com/2018/digital/news/defy-media-shutting-down-layoffs-1203020919/
https://variety.com/2018/digital/news/defy-media-shutting-down-layoffs-1203020919/
Feel free to speculate on the nature of investment and private equity firms and how more often than not you have big companies buying other companies not to actually grow them but to flip them or cannibalize them at profitVariety Magazine said:
ochimusha said:
Yea, I am thankful Enthusiasts Gaming came in and saved Escapist before Defy took it down with the ship. I feel so bad for all of those who have their livelihood tied up in this mess. YouTube really needs to change their policies on forcing creators to have MCM's to be able to hold their copyrights. YouTube's requirements is part of the problem that causes creators to be taken advantage of and lose their money when something like this happens. Honestly though with how cooked their books appear to be, I think Mattpat may have his hopes set too high in ever seeing a dime of what they are owed even if the unpaid creators set a record for views, it would not change the order in line to get paid due to who is in line in font of them.
Not that I don't believe it, but this is MatPat and has been pointed out, he's the only source for this. Everyone else is just quoting Matpat.
I feel especially bad for the guys who sold Smosh in exchange for stock in Defy, stock that never went public, so he wasn't able to cash them out, meaning he sold it for nothing. :s
And he's evidently involved in the story, which makes things a little more questionable. I've heard rumblings about Defy for a long time (and went out of my way to not patronise their material), but I was hoping for something a little more concreteDalisclock said:
Depending on the type of bankruptcy, and the scenario, you have to make right with your creditors on some level.trunkage said:
Not ALL Creditors, that is what Matpat and smosh are worried about because they are too far down on the list it is likely they will never see a cent. The bankruptcy laws are set up to protect creditors and banks moreso than clients. These guys will likely get screwed as the money will be gobbled up by the lawyers doing the bankruptcy, creditors, insurers, and bondholders first. Likely there will be nothing left after they get very far in that stack.Something Amyss said:
EDIT: here this may help understand the order they will be paid and these guys are on the bottom of the list:
https://work.chron.com/gets-paid-first-company-goes-bankrupt-7496.html
Man how do you embed YouTube videos again?
<youtube=LBcbknAcJwk>
EDIT: Really doesn't wanna work huh. Anyway, here, from Mr Sunday Movies aka James from the Weekly Planet. https://www.youtube.com/watch?v=LBcbknAcJwk
And Chris Stuckmann's video too: https://www.youtube.com/watch?v=mgL-d7SdQO4
Preeeeetty shitty situation. It seems these guys will be able to move on from this potential loss but there are a lot of other YouTubers for whom I'm sure this was a big blow.
<youtube=LBcbknAcJwk>
EDIT: Really doesn't wanna work huh. Anyway, here, from Mr Sunday Movies aka James from the Weekly Planet. https://www.youtube.com/watch?v=LBcbknAcJwk
And Chris Stuckmann's video too: https://www.youtube.com/watch?v=mgL-d7SdQO4
Preeeeetty shitty situation. It seems these guys will be able to move on from this potential loss but there are a lot of other YouTubers for whom I'm sure this was a big blow.