It wasn’t a while when we saw BitTorrent launching its new service, BitTorrent Now which was an online video streaming library is now fully shut down after its 6 month launch period and the reason being the “quick drain of assets”. Also two Co-CEOs have been fired by BitTorrent for the same matter.
In Depth Analysis
According to a report by Variety, the firm has reportedly stated in a report that their newly launched online media streaming service, namely BitTorrent Now is shut down completely. This was stated in an email by Bram Cohen who is the founder of BitTorrent. Also two of the Co-CEO’s of the firm are fired and their names are Jeremy Johnson and Robert Delamar. The places of both the CEOs would be filled by the former CFO of the firm Dipak Joshi.
Johnson and Delamar were also previously removed from the firm’s Board of Directors status due to some internal reasons. The reason that is being assumed is that, after them being removed they took Bram Cohen into faith that they will lay a “renewed focus” on media production for the firm and for doing this they launched a mixture of two big names in the industry namely Netflix and Spotify and formed “BitTorrent Now” 6 months back. The main reason according to Variety came from here only for both Johnson and Delamer’s departure from the firm, Variety states that the spending on the new service was “out of control,” with around millions of dollars reportedly spend only on BitTorrent Now leaving firm with lesser liquid assets for the main service.
It’s not the first time the online media company has tried to put hands on something different from “media production”. After shutting down its “torrent” service back in 2008 due to lack of user’s interests, the company launched BitTorrent Now, BitTorrent Live, some original web series but it seems like they can’t do well anywhere else than just media production.
It seems like the firm is dating back to its original job, “Media Production”.