Veoh to Cut Staff

Web sources say that online video portal Veoh is laying off a significant portion of its staff.

Sources expect Veoh to announce 80 layoffs on Thursday.

The cuts would follow a 20% workforce reduction in November 2008, and the closing of its Russian office the month before.

The move highlights the difficulty of operating a large online video site in an economy where advertisers are becoming increasingly frugal.

The site’s traffic has been steadily declining for months as YouTube and Hulu steal market share.