GigaOM

Updated: TechCrunch is reporting that HotorNot, the little meme that’s lasted two web bubbles, has been sold to “investors connected with Avid Life Media.”

HotorNot has been a cash cow for the last seven years for founders James Hong and Jim Young. The site, which started out as a simple photo rating service, had brought in tens of millions spent on virtual gifts and online dating subscription fees. At the end of 2006 Hong reinvested his time in the startup, staffing up and dropping subscription fees in favor of an advertising model. But then last fall the site reinstituted fees to combat spammers.

We talked to Hong recently and he said he’s spending much of his time working with his investments Slide and Mochi Media. Update: Hong confirmed the acquisition via email, though he added that TechCrunch’s “numbers were off,” and said he will write a post on his blog about the deal soon.

James Hong was the guest for the inaugural The GigaOM Show.