Digg Gets $28.7 Million In Funding, Plans Major Expansion
The social news site's CEO says the company will double its staff and enhance its international appeal by launching the site in multiple languages.
Social news site Digg on Wednesday announced plans for a major corporate expansion in conjunction with $28.7 million in new funding.
"We're announcing a major expansion effort -- the largest we've undergone in our history," declared Digg CEO Jay Adelson in a blog post. "With a new round of funding, we're accelerating many of the programs that we've been working on over the past several months, including investments in infrastructure, new feature development, international expansion, and hiring all the people we need to get there."
Digg plans to ramp up its hiring, going from 75 employees today to about 150 by December 2009. The company's new staff will help accelerate Digg product and feature deployment and provide more diverse ways to package the 16,000 stories that users submit to the site daily.
The company plans to move to a new headquarters in San Francisco that will have three times as much floor space as its current location. It will also be investing in brand and market development programs and publisher tools.
In the past year, Digg has seen its daily traffic count double to 30 million unique visitors every month.
Adelson says that almost half of this traffic is coming from outside the United States. In response, Digg plans to enhance its international appeal by launching versions of the site in other languages.
In March, rumors surfaced that Google and Microsoft were both bidding to buy Digg. Adelson promptly denied those reports. In June and July, Google was again said to be close to acquiring Digg. It hasn't happened so far.
Social is a Business ImperativeThe use of social media for a host of business purposes is rising. Indeed, social is quickly moving from cutting edge to business basic. Organizations that have so far ignored social - either because they thought it was a passing fad or just didnít have the resources to properly evaluate potential use cases and products - must start giving it serious consideration.
Social is a Business ImperativeSocial media is critical in the age of digital business. How can IT help? First, work with the marketing team to set up social networking programs on Facebook, Twitter, and LinkedIn, at minimum. Then work to put social media sentiment analytics in place to measure success.
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