Yahoo halts plans for video service
Yahoo, at least for the time being, has ceased their plans to develop an online video hub similar to that of YouTube and Netflix.
"Yahoo Screen" is part of a purge spearheaded by CEO Marissa Mayer in the hopes of finding more profit in the multimedia realm.
It was over 16 months ago when Mayer oversaw a mass overhaul of the project that had come in the form of a new mobile app. Unfortunately, Yahoo Screen never attracted the large numbers that Netflix and Youtube have.
Yahoo is now spreading its videos across its digital magazines and other services, like Yahoo Music.
Yahoo stated that Yahoo Screen was faltering last October when it disclosed a $42 million charge to account for original shows. Mayer is expected to provide more details on Yahoo Screen in about three weeks when the company announces its fourth quarter results.
By building an attractive and sustaining video hub, Mayer had hoped to bring advertising away from Google and Facebook.