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

  • North American markets advance, loonie up slightly

    Economic CTV News
    TORONTO - The Toronto stock market advanced in late-morning trading, led by health-care, utilities and energy stocks. The S&P/TSX composite index added 31.90 points at 15,327.10. In New York, the Dow Jones industrial average advanced 40.85 points to 19,655.66, while the S&P 500 gained 6.02 points at 2,252.21 and the Nasdaq composite rose 27.18 points at 5,444.53. Source
  • Sears Canada reports $120 million loss in third-quarter as revenue drops

    Economic CTV News
    TORONTO -- Sears Canada saw its third-quarter loss grow to $120.0 million from $53.2 million during the same period last year as revenue declined. The loss amounted to $1.18 per share, compared with 52 cents per share a year ago. Source
  • Coca-Cola CEO Muhtar Kent to step down next year

    Economic CTV News
    NEW YORK -- Coca-Cola said Friday that CEO Muhtar Kent will step down as CEO next year and be replaced by Chief Operating Officer James Quincey. The world's largest beverage maker is under pressure to grow as people around the world drink less soda, including its flagship Coke. Source
  • U.S. airlines may soon let you talk on your cellphone in flight

    Economic CBC News
    Airlines could let passengers make in-flight phone calls using Wi-Fi under a proposal from federal regulators. Flight attendants and others have complained that the calls could be disruptive. But the Department of Transportation said Thursday that it envisioned allowing the calls if airlines tell all customers about the policy when they buy their tickets. Source
  • Tribes suing over Dakota Access pipeline willing to put claims on hold

    Economic CTV News
    BISMARCK, N.D. -- Two Sioux tribes suing over the Dakota Access pipeline say they're willing to put their claims on hold while the Army considers whether to allow the pipeline to cross under a Missouri River reservoir in North Dakota. Source
  • Japan ratifies Pacific trade pact despite Trump plans to withdraw U.S.

    Economic CTV News
    TOKYO -- Japanese Prime Minister Shinzo Abe won parliamentary approval Friday for ratification of the Trans-Pacific Partnership, despite U.S. President-elect Donald Trump's plan to withdraw from the 12-nation trade pact. Upper house lawmakers approved the TPP on Friday, heeding Abe's calls to push ahead with it despite Trump's rejection of the free-trade initiative championed by President Barack Obama. Source
  • Asian shares stumble as European Central Bank rally fades

    Economic CTV News
    KUALA LUMPUR, Malaysia - Asian shares meandered Friday as an overnight rally in U.S. markets helped by the European Central Bank's decision to extend its bond-buying economic stimulus program faded. South Korea's benchmark slipped as lawmakers prepared to vote on whether or not to impeach President Park Geun-hye. Source
  • Global stocks extend European stimulus-inspired rally

    Economic CTV News
    KUALA LUMPUR, Malaysia -- Global stocks continued to rise Friday as investors remained buoyed by the European Central Bank's decision to extend its bond-buying economic stimulus program. South Korea's benchmark slipped as lawmakers voted to impeach President Park Geun-hye over a corruption scandal. Source
  • Sales, profit at Sears in U.S. continue to decline

    Economic CTV News
    HOFFMAN ESTATES, Ill. -- Sears, the one-time standard bearer for U.S. retail, has posted quarterly losses for more than a year now, and sales continue to slide as the company shutters poorly performing stores. The company's cash situation, which has led in the past to clashes with suppliers, is an ongoing concern. Source
  • Stock markets in New York hit new record highs

    Economic CBC News
    Major stock markets in New York closed at record highs Thursday amid a broad rally from banks, materials and technology companies. The Dow Jones industrial average advanced 65.19 points at 19,614.81, while the S&P 500 added 4.84 points at 2,246.19, both hitting all-time highs for a second day in a row. Source