When social network app-maker Slide took $50 million in funding to set its value at $500 million in January 2008, the only way to almost justify the outrageous figure was to say Slide wasn’t really a widget-maker, but a huge ad network in the making.
Since then, the ad market has cratered even while inventory continues to expand.
So yesterday, Slide officially switched strategies. CEO Max Levchin told GigaOm Slide laid-off a couple ad sales people, reassigned a few others, and plans to hire business development people who can focus on bringing in big app-sponsorship deals worth $500,000 or more.
