Absurdly Hyped Startup Airtime Has Officially Flopped And Top Execs Are Fleeing

Olivia Munn AirtimeFor some reason, Olivia Munn was at Airtime’s launch.

Airtime, the startup with a product that connects random Facebook users in video chats, is a huge flop and its senior people are fleeing the company, Liz Gannes of All Things D reports.CTO Eric Feng, brought in through a March acquisition, is on his way out. Cofounder Shawn Fanning is no longer day to day at the company.

It’s particularly bad news that Feng is leaving because after joining the company in March, he fired everyone who had been working on the startup’s tech before.

Airtime, which raised $33 million from Kleiner Perkins, only launched its product 12 weeks ago, but it’s already pretty obvious not many people want to use the thing. Gannes reports that it only has 11,000 daily active users. By comparison, Instagram has 11 million.

Fanning’s cofounder is Sean Parker, the guy played by Justin Timberlake in the Facebook movie. Gannes says he was the driving force behind Airtime’s weird product launch event, which was attended by all sorts of mid-level celebrities. He says this launch “worked” because it drove traffic. Uh huh.

Gannes talked to Parker, and has more quotes from him here >>

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