Nov 14, 2014 · 2 minutes

"THIS IS WHEN THE GREAT CONTENT SHAKEOUT BEGAN, REMEMBER THIS DAY" - Choire Sicha, a few minutes ago on Twitter.

Digiday is reporting that Say Media, a technology company that also owned a number of content companies, has given up on publishing. Women's lifestyle site xoJane and technology site ReadWrite are among the properties up for sale. As for why Say Media has thrown in the towel on content, CEO Matt Sanchez said being a tech platform and a media company at the same time was just too damned hard.

"We just came to the conclusion that it’s very difficult to do both," Sanchez told Digiday.

And so the headline over Say Media's big sell-off inevitably reads, "Platishers, beware" -- "platisher" being the ghastly portmanteau used to describe tech platforms that publish their own content. Does this mean Buzzfeed, Vox Media, VICE, and other firms that marry technology platforms with content publishing should be worried?

Maybe, but not because of this news. First off, Digiday reports that Say Media's content properties serve around 35 million monthly unique visitors. By contrast, Buzzfeed and Vox Media both have audiences of nearly 150 million uniques. VICE's numbers are a bit harder to nail down, considering its audience is spread across the sites it owns and operates along with YouTube and HBO. But its annual revenue, which is expected to be $500 million this year, far outpaces both Buzzfeed and Vox and so that makes it a fairly safe bet.

That's not to say these sites aren't overvalued -- VICE CEO Shane Smith suggested his media empire is worth $28 billion. It isn't. But their content offerings are far more well-read than xoJane, ReadWrite, Fashionista, and the rest of Say's media sites combined.

So the big name "platishers" are safe, for now. But what about Sicha's premonition that a wider shakeout is coming to content companies, which of late have attracted unprecedented amounts of venture capital?

Not to get all empirical on you, but a content company's future depends on a couple things: How many readers and/or how much revenue these sites attract, and how much capital they've raised. Say Media had raised over $100 million, and while not all of that went toward its content offerings, that's a lot of money for investors to fret over, increasing revenue expectations. And with a fraction of the audience of big players like Buzzfeed and Vox, the cash that went toward content simply wasn't money well-spent.

The truth is, lots of venture-backed startups fail. The very nature of investing involves throwing money at a bunch of companies, many of which will shut down, but one or two of which will become extraordinarily successful. So will some venture-backed content companies fail? Of course. Has private investment in content already peaked? Maybe, but keep in mind that while 2013 saw a record-breaking $330 million invested in content companies, that still only made up 1.3% of total venture capital investment. Investors can afford to stick with content a bit longer.

Granted, a media shakeout could still be on the horizon. But Say Media's sale of its publishing arm is more a unique case of wasted resources, and not necessarily an omen of that shakeout.