The company’s co-CEOs are also reported to have been fired.
BitTorrent co-CEOs Robert Delamar and Jeremy Johnson are also said to have been fired together with an unknown number of staff. The pair were only hired as CEOs in April.
The pair were responsible for the launch of the streaming platform in June. Offering both video and audio, it aimed to give artists more control over streaming revenue by working outside the royalty schemes of services such as Spotify and Apple Music.
According to figures close to the company, BitTorrent spent millions of dollars on the project, with one source saying that spending on the streaming service was “out of control.”
BitTorrent CFO Dipak Joshi has stepped in as interim CEO, and the company’s Los Angeles production studio is also reported to have closed.
BitTorrent has changed its business a lot in the past few years. Thom Yorke used BitTorrent technology to sell his solo album Tomorrow’s Modern Boxes in 2014, while it launched a fund in August to help “uncompromising” musicians and artists. It’s not clear what the departure of Delamar and Johnson as CEOs means for the company’s focus going forward.
FACT has reached out to BitTorrent for comment.