BitTorrent was immensely popular for easing the way out for creators to distribute and sell movies and music, but the business seems to have arrived to a screeching halt
Bengaluru - Oct 07, 2016. RedNewswire/-
According to a report by Variety, BitTorrent has fired both its CEO'S, pink-slipped an unveiled number of its staff members and is shutting down BitTorrent Now, the company's recent initiative to provide a platform for ad-supported videos and music streaming.
If the report turns out to be true, it would lead to a striking change in the gait of the company. The company was identified as a game changer in the media industry through an open internet. However, ignoring the piracy issue to which the company is still linked but taking into notice more legit mediums of distribution.
Along with BitTorrent Now, the company is also reported to have shut down a studio located in Los Angeles which served as its headquarter. Though BitTorrent Now was an enhanced version, the company was offering greater content from indie artists. According to the report, the company was bleeding cash and the spendings were uncontrollable. The company had also lately launched a news live streaming platform and hired a news director for the purpose and came up with its own news network. However, there is no update regarding the initiative.
CFO Dilip Joshi is known to have stepped in as interim CEO afer both the CEOs Robert Delamar and Jeremy Johnson were fired. The mess is apparently known to have started late September when some staffers were laid off.