Veoh fires CEO, lays off 25

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online_video_small.jpgADOTAS — This might be the beginning of the online video space shakeout that some, such as Will Richmond, says will likely happen this year.

Veoh is undergoing major restructuring that includes layoffs and a change to its product strategy. VentureBeat first broke the story.

Founder Dimitry Shapiro is taking over, replacing CEO Steve Mitgang. Shapiro told Peter kafka that the company will focuse on “Video Compass” player which users will have to download onto their Web browsers. Veoh will lay off 25 people and have a staff of “mid-40s.”

Veoh is San Diego-based company that allows users to find and watch major studio content, independent productions and user-generated material. YouTube has taken over one space and Hulu is working on the other. Here is the crazy part, the company raised $30 million round back in June, putting its total funding at about $70 million.

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