The peer-to-peer file sharing technology company, BitTorrent Inc, has fired two of its newly appointed CEOs and is reportedly shutting down BitTorrent Now. BitTorrent CFO Dipak Joshi has also stepped down as interim CEO, according to a report by Variety. The company is also closing its Los Angeles-based production studio. An unknown number of staff members have also been laid off.
BitTorrent has been trying to steer clear of the 'piracy' tag and had since been focusing on more legitimate forms of entertainment. To combat that, the company in June had launched BitTorrent Now, an ad-supported streaming app that offered music and movies from independent artists. The app was available on Android, iOS devices, and Apple TV.
The app was started under the headship of CEOs Jeremy Johnson and Robert Delamar, who have been removed from the company's board of directors, according to an email sent by Bram Cohen, BitTorrent founder to Variety.
Johnson and Delamar were both appointed in April in a bid to focus on media production and distribution. This new direction resulted in BitTorrent Now! According to sources, the company's spending was "getting out of control," with giant stacks of money being spent on BitTorrent Now.
However, this isn't the first time that BitTorrent had to kill down its ambitious project. BitTorrent in 2008 had closed down its Torrent Entertainment Network store due to poor response from customers. From then on, the company has tried its hand on a number of projects including BitTorrent Live, a news network, and some original shows. The closure of BitTorrent Now will push the company a few steps back in media production.
The company is yet to make an official statement on the same.
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