Business

Yahoo shuts down video streaming site

Yahoo Image copyright Getty Images

Internet firm Yahoo has shut down its video hub Yahoo Screen after the website failed to attract viewers.

The closure is part of the company's efforts to cut costs as chief executive Marissa Mayer tries to make it profitable.

Ms Mayer redesigned Yahoo Screen 16 months ago to make it a competitor to YouTube and Netflix and more accessible to mobile users.

Yahoo will now spread its video content throughout the website.

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

According to ComScore, US visitors to the site declined 28% between October 2013 and October 2015, despite adding popular shows such as Saturday Night Live and Community.

The move appears to be part of Ms Mayer's plan to eliminate technologies that were costing more money then they were earning.

Yahoo's future

Yahoo has been struggling for years to turn its millions of visitors into reliable revenue streams.

In December, the company announced it would not sell its stake in Chinese e-commerce firm Alibaba- a plan Ms Mayer's had publically pursued.

Instead, Yahoo plans to separate its core internet business from other business lines by making it into a separate company.

Ms Mayer said Yahoo was taking steps to "focus" and "prioritise" in order to "drive growth". More details of the spilt are expected in late January.

More on this story