A week ago, it was reported that peer-to-peer file sharing technology firm BitTorrent was shutting down its BitTorrent Now streaming service and its LA studio, as well as firing its CEO. However, the company has now come out and said that it isn't shutting down the streaming service, though it did confirm that CEO Robert Delamar has moved on. BitTorrent added it has indeed shut down its Los Angeles production studio as well, though it did not elaborate on the reasons behind the move.
In a bid to steer clear from the piracy tag, BitTorrent launched its music and movies streaming app called BitTorrent Now for Android and iOS users in June this year. The app contains curated music and video recommendations from independent artists, and offers free, ad-supported, as well as paid content that can be streamed or even saved for later.
However, a report last week claimed that the company is shutting the service down, and has even removed CEOs Jeremy Johnson and Robert Delamar, mainly because of the 'out of control' spending on the new service. The company was reported to be in a bit of turmoil, and that the amount of money being invested in BitTorrent Now was said to be burning huge holes in the company's pockets.
However, Engadget now reports that only Delamar has been let go, and that the BitTorrent Now service is in no ways shutting down. The company also told the publication that the Los Angeles studio was indeed shut down, a move that could presumably be attributed to compensate for the unnecessary spending.
BitTorrent has chosen to remain silent on reasoning behind these developments, and has just confirmed the firing of one of its CEO and the shutting down of its LA office. The company has so far not commented on any financial issues that the launch of BitTorrent Now may have caused.
BitTorrent Acquired by Blockchain Startup Tron25 July 2018
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