After the successful 16 months in the competitive market of the social networking website where the sites like Facebook, Twitter, Snap Chat, Instagram and others are leading the market with their more advanced features and the app, the one social site has failed to compete in this category which is named as Secret.
According to the latest report on the shutting down conditions of the Secret App, the major issue of turning down is not based on the earnings or the profit rate on the social network. It has nothing to relate to the money.
The Secret, which is based in the San Francisco has earned almost $35 at the start of the year and the rate raised over the year from the investors, which includes the Google, Index and the Kleiner Perkins with the amount estimated as the $25 million which is expected in the July, the company vale was increased by the $100 million.
The co-founder of the Secret social network Mr. David Byttow share his opinion in a blog about his decision of closing down the network that the startup of this website is not progressing in the way it was launched for the user of the social networking website. Their vision is not yet accomplished through the Secret app. The team is working for a few more weeks to closing down all the operations which are planned and cutting them gracefully. They are planning to return the funds which are used for this website to the investors of the Secret network..
The Founder explained that the
“ The innovation of the Secret caused failure, and I think and believe to quit fast, without adding more losses in a line by adding more different and new mistakes which cost a lot”.
The company is trying to return the portion of the funds to the investors. Chrys Bader and the Mr. Byttow who are the founders of the Secret App have already sold the portion of their company shares to the investors in a venture. The rough estimate of their share price is almost $6 million till the month of the July. The rest shares of the cost which is estimated as $25 million of the Series B would be paid in the next coming 11 months.
The returning of the funds to their investors after the closing down of the website is a remarkable move which is quite unusual in the founders, who think that these shares are worth of their work which they get during the initial days of their website and gathered through the customer attention.
The Secret social network shut down also shows the brief rise and declining period of the company as compare to the other competitors of the anonymous app like YikYak and Whisper.
The closing down of the app doesn’t mean that it has a journey of the failure, the app messenger has reached at its peak of fame in the August, 2014 with its best and quick app services.