Viddy Chops Staff

Venice-based mobile video app developer Viddy has cut one third of its staff, the firm said Monday. The cuts of 12 employees come shortly after the company's board parted ways with its co-founder and CEO, Brett O'Brien. According to Viddy, in a statement, the move came to "streamline costs" and now gives it the "right team" to execute on moving forward. Viddy has been undergoing some turmoil, as the firm has seen an increasing amount of competition from others looking to be the Instagram of video; the firm also suffered from an over-hyped launch last year.