BitTorrent is shutting down its BitTorrent Now video streaming service for content creators alongside the firing of coCEOs Robert Delamar and Jeremy Johnson and a broader employee layoff, Variety reported.
BitTorrent has not commented on the report, but Variety, citing multiple unnamed sources, said Delamar and Johnson have also been removed from the company’s board, that company CFO Dipak Joshi has been named interim CEO, and that BitTorrent is shutting down its Los Angeles-based studio.
BitTorrent tapped Johnson and Delamar as coCEOs in April as the company made plans to accelerate its focus on on-demand and live streaming platforms and services.
In June, BitTorrent renamed its Bundle video platform BitTorrent Nowwith a plan to add apps for mobile devices and connected TV platforms. At the time, BitTorrent said the service was also adding a revenue share model for ad-based streaming that gives 70% of the take to the publisher. The option for transactional, direct pay downloads remained at 90/10.