Internet giant Yahoo had recently announced that its Yahoo Live, a website which provides live video streaming will be shutting down on December 3.
This short-lived service was first launch in February. With this website, online audience can take video of themselves and share this to any dedicated site which serves as a platform for the videos. But unlike video sharing sites where visitors can playback postings, Yahoo Live only broadcasts videos once and can never be played again.
Meanwhile, despite of the unsuccessful attempt of Yahoo to tap the lucrative market of live video streaming, YouTube which is the most popular video sharing website, has recently announced its plan to offer this kind of Internet service.
According to Internet experts and analysts, the move to shut down this service is an attempt by the company to cut operational cost. Since live video streaming requires bigger bandwidth, Yahoo is spending much more than its profit gains.
Meanwhile, the company has recently experienced controversy less than a month ago with its move to reduce its workforce to 10 percent or approximately 1400 employees.
The Internet business sector has been greatly hit by the economic slowdown ignited by Wall Street’s financial meltdown. In this period of economic crisis, a lot of companies from this industry had decided to resort to various contingency plans including layoffs, cutting advertising and operational cost, and slowing hiring activities.
The Brickhouse company which is responsible for the formation of Yahoo Live has announced on its website that it is planning to hold a farewell party on Wednesday to thank its supporters and online audience for staying with them in these trying times.
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