As many of you already know, Brijit has ceased operations. They relied on angel funds, and those have run out.
I think it's a huge pity; Brijit was a great idea, well executed. The good thing about the market is that is usually kills companies that do a bad job. Unfortunately, it sometimes kills the good guys, too.
Yeah, it's a crying shame that the market won't keep alive some website nobody wants. Now the people who ran it will be forced to do something productive and useful.
Fortunately, the market kills people no one wants either.
It's an idea I wish had worked, but the economics of it seemed a little crazy. If you are paying people $5/8 to write 100 word summaries of articles that can truly add up. If you are trying to do 1000 transcripts a day at that rate, that's about $2 million a year, and probably before any revenue flows in, and does not include your editorial staff, office/plant costs, etc.
The angel investors probably concluded that there was no way to monetize in a fashion where they would not be in the red for several years, which makes you wonder why they funded it in the first place.
I think the problem is, as AoD said, that while you (and presumably other people in your line or work) thought it a great idea, almost nobody else did.
The market for people willing to pay for lots of summaries of lots of articles from lots of magazines is, as we find from Brijit's collapse, Very Small Indeed.
(Doing a good job at something people don't want is, in market terms, doing a bad job at doing something people will pay for.)