BitTorrent is shutting down its BitTorrent Now video streaming service for content creators alongside the firing of co-CEOs 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 the 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.
UPDATE: BitTorrent confirmed that the company is undergoing a "transition in leadership," with DelAmar moving to new opportunities. "[W]e’re grateful for his leadership and hard work during his tenure," the company added. It also said that "BitTorrent, Inc. remains focused on the media space and there have been no changes to our platforms."
BitTorrent tapped Johnson and Delmar as co-CEOs 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 Now with 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.
The reformed BitTorrent Now followed the debut of a BitTorrent Live, a “virtual” MVPD that is initially free, uses BitTorrent’s P2P technology, and features live linear fare from programing partners such as AWE (formerly called WealthTV), One World Sports, Fightbox, Arthouse, Pursuit Channel, and Newsmax.
BitTorrent Live is offered on the Apple TV, Fire TV and Macs (in beta form). That service was still available and running on the Fire TV as of Friday morning (October 7).