Yahoo has shut down its video streaming site Yahoo Screen. Yahoo Screen was envisioned as the internet giant's answer to the likes of Netflix but, despite a revamp 16 months ago, the site has failed to retain traffic.
In a statement to exchange4media, a Yahoo spokersperson said, ""At Yahoo, we’re constantly reviewing and iterating on our products as we strive to create the best user experience. With that in mind, video content from Yahoo as well as our partners has been transitioned from Yahoo Screen to our Digital Magazine properties so users can discover complementary content in one place."
It is no secret that Yahoo has been struggling in recent months. CEO Marissa Mayer has been forced to take a number of hard, and sometimes unpopular, decisions, as she tries to improve revenues while cutting down costs. Last year, Yahoo announced that it would be letting of more than 1,000 employees worldwide. It also announced later in 2015 that it will be spinning off its core business as a separate asset, though retaining its assets in Alibaba.
As of Wednesday, media reports suggested that the company might be on the verge of a further round of layoffs that could see about 10 per cent of its employees getting the sack.