BitTorrent announced plans for a limited streaming service in June, but that experiment appears to have been short-lived. The company has reportedly shut down the BitTorrent Now streaming operation, sources told Variety. The business also fired the co-CEOs it hired back in April, Robert Delamar and Jeremy Johnson, and laid off an unknown number of other staff members. CFO Dipak Joshi is currently acting as interim CEO.
BitTorrent initially did business in distribution of media torrents, usually copies of movies, music, or television of suspect legality. However, it has been making moves in recent months to reposition as a distributor, making bundle options available to artists for direct sales to fans.
The operation has not made any official statement about these new changes in personnel or business offerings. However, the sources indicated that high spending was at least part of the problem that led to Now closing down.