Arqiva has decided to shut down its online TV service SeeSaw after it failed to find a partner or a buyer for the platform.
The company, which is a part in the BBC-led YouView project, had hired Ingenious Media to look for a partner for the venture. The video on-demand platform allowed users to stream TV shows online.
The free service allowed users to view 3,000 hours of content from BBC, Channel 4 and Five. However, the service was ad-supported. The premium version of the service offered 1,000 hours of content from Comedy Central, BBC Worldwide and MTV.
According to Guardian, the platform was based on Project Kangaroo, a video on-demand joint venture of BBC, ITV and Channel 4. The company had acquired Project Kangaroo for about £8 million.
It is surprising to hear that a company like Arqiva failed to locate a partner or buyer for the platform. The company handles the TV and radio transmissions for most of the broadcaster in the UK.
"[SeeSaw] no longer fits with the strategic direction in which we are taking Arqiva and requires considerable investment to succeed in an increasingly competitive market," a spokesman for Arqiva said.
"We have tried to find an investment partner, however this has not proved possible." he added.