Bubble 2.0 About to Burst?

Those of us in the tech industry have been counting ourself lucky that the recessions really hasn’t hit the industry (Google and Apple both reported capital gains last quarter), but that isn’t so. Monster.com, famed job search site, is shuttering one of their newer acquisitions Ringo, a photo sharing/community site something like Flickr and MySpace meet YouTube.

The strange thing is there’s not a peep on the Ringo site about the closing of the service. You just get this email if you’ve signed up for service.

May 31, 2008

Dear Ringo member,

After much consideration we have decided to end the Ringo service.

As of June 30, 2008 the Ringo service is ending and you will no longer have access to your Ringo account.

How do I get my photos?

We created a new feature that will allow you to download your photos to your computer. Click here to download your photos.

You may also order a CD of your photos. Just sign in to your Ringo account, click on the “You” tab, click” Order prints” and then “Photo Disks”.

How do I get my videos?

Videos uploaded to Ringo were hosted for us by a partner. This partner has decided to end this service and after June 30 videos uploaded to Ringo will no longer be available.

Thank you for being part of the Ringo community.

The Ringo Team

Ringo was an awesome product. I’m sorry to see it go and sorry Monster couldn’t find a way to better monetize it. From what I’ve heard about the goings-on inside the Monster properties more effort needs to be spent on work and less on booze and partying.

I’ve a feeling we’re about to see the burst of the Bubble 2.0 and the closure of many more Web2 companies that are finding it hard to make money right now.