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We earlier reported of the online Video startup, Mobuzz, desperately in need of quick cash for survival. Well things might be worse for them but another online video network, Veoh has taken a hit and it might not be shutting down given the $70 million it has in funding but it’s definitely calling in for some job cuts.

In order to keep the budget in control, Veoh has decided to cut down 18% of its workforce. Despite CEO, Steve Mitgang’s optimistic words the company is having a tough time though, given its traffic has fallen by almost 20% in the last couple  of months. There is no hiding that the economic crisis has axed and hammered every tech company around the globe but what remains to be seen is how firms manage  and see through these tough times.