Yahoo closes online video hub

SAN FRANCISCO -- Yahoo pulled the plug on an online video hub that had once been envisioned as the beleaguered company's answer to Netflix and YouTube.

See Full Article

The end of the Yahoo Screen is part of a purge being directed by CEO Marissa Mayer with hopes of generating greater profit elsewhere.

Mayer oversaw an overhaul of Yahoo Screen 16 months ago that came in the form of a new mobile application, thousands of clips from NBC's "Saturday Night Live" and a wide variety of other popular TV shows.

But Yahoo Screen never attracted the vast audiences that flock to Netflix and YouTube.

Yahoo is now scattering its video across its digital magazines and other services, such as Yahoo Music.

"We're constantly reviewing and iterating on our products as we strive to create the best user experience," Yahoo said in a printed statement.

Mayer has pledged to jettison technology that fails to justify the amount of money that Yahoo has been investing in them.

Yahoo telegraphed that its video expansion was faltering in October when it disclosed a $42 million charge to account for original shows, such as "Community," that had flopped.

Mayer is expected to provide more details about her latest plans for reorganization in about three weeks when the Sunnyvale, California, company announces its fourth-quarter results.

Industry analysts are expecting the steepest decline in Yahoo's revenue, after subtracting ad commissions, since the company lured Mayer away from Google to become its CEO three-and-a-half years ago.

Shares of Yahoo have fallen by about 35 per cent since the end of 2014 as the difficulty of reviving company revenue growth has become evident, and that has increased the pressure on Mayer to take more drastic measures. There have even been calls for Yahoo to sell all of its online operations, but Mayer and the company's board have rebuffed those demands to far.

By building a compelling video hub, Mayer had hoped to lure advertising away from Google, whose operations include YouTube, and social networking leader Facebook, which also boasts millions of clips shared by its users.

Yahoo's stock gained 64 cents to $32.04 Tuesday afternoon.



Advertisements

Latest Economic News

  • Kraft Heinz withdraws $143 billion bid to buy Unilever

    Economic CTV News
    NEW YORK -- Kraft Heinz has withdrawn its $143 billion offer to buy Unilever, backing away after the mayonnaise, tea and seasonings maker rejected the bid as too low. The companies announced the decision Sunday in a joint press release, saying that Kraft Heinz has "amicably" withdrawn the offer. Source
  • 1 killed, 3 injured in Saudi Aramco oil pipeline leak

    Economic CTV News
    DUBAI, United Arab Emirates -- Saudi oil giant Saudi Aramco says one person has been killed and three others injured as a result of an oil pipeline leak in the east of the kingdom. The company said in a statement Sunday that an emergency response team managed to contain the leak Saturday in Abqaiq. Source
  • IMF agrees to loan $5B to Mongolia

    Economic CTV News
    BEIJING - The International Monetary Fund and other partners have agreed on terms for a $5 billion loan to the Mongolian government to help get the north Asian country's economy back on track. The deal is subject to approval by the IMF's executive board. Source
  • Iraq says proven oil reserves rise to 153 billion barrels

    Economic CTV News
    BAGHDAD -- Iraq says new exploration has revealed an additional 10 billion barrels of oil, bringing its total proven reserves to 153 billion barrels. Oil Minister Jabar Ali al-Luaibi said in a statement Sunday that the increase comes from seven oil fields in central and southern Iraq, without naming them. Source
  • Toxic Jewelry and holiday scams: CBC Marketplace's consumer cheat sheet

    Economic CBC News
    Miss something this week? We got you. Here's this week's Marketplace cheat sheet. Get this in your inbox every Friday. Sign up for the Marketplace newsletter. Rotten reno Paul Gough says he's had to take time off work to act as a contractor and make his home livable again. Source
  • When will oil demand peak? Depends on our driving habits

    Economic CBC News
    In the past, forecasters had a relatively simple method of estimating whether demand for oil would increase or decrease and by how much. For the most part, they simply looked at the economy. If people were making more money, it was safe to assume they would spend more, travel more and head to the car dealership more often. Source
  • 'I was in shock': Why Canadians are still struggling with runaway cellphone charges

    Economic CBC News
    After CBC News ran a story about a cellphone customer who got hit with a $24,000 data roaming charge, more customers started writing in with their own nightmare bill stories. And most involved big data charges. Source
  • Ineffective laws fuelling Canada's online piracy problem, U.S. copyright group says

    Economic CBC News
    Ineffective laws that lag behind international standards have made Canada a hot spot for online piracy and copyright infringement, according to a group of rights holders that has again placed this country on its global watch list. Source
  • Enbridge says pipeline leak near Edmonton was caused by construction

    Economic CTV News
    EDMONTON -- Enbridge (TSX:ENB) says it believes a pipeline that leaked near Edmonton was struck by another company doing construction in the area. The pipeline company says in a news release that the incident happened Friday on its Line 2A pipeline at an industrial site in Strathcona County. Source
  • Trump sons in Dubai to open golf club

    Economic CTV News
    DUBAI, United Arab Emirates -- Two of U.S. President Donald Trump's sons arrived in the United Arab Emirates for an invitation-only ceremony Saturday to formally open the Trump International Golf Club in Dubai. Photographs shared on social media by real estate brokers showed Eric and Donald Jr. Source