For any Internet company to challenge Google in the field of online video they’d need a bottomless money pit and years of patience. Even Yahoo it seems has given up in breaking into the market that is completely dominated by Google owned YouTube and Google Video as they’ve just announced they’re closing yet another video website, Maven Networks.
Yahoo paid a cool $160 million for Maven Networks last year, and now that money seems to be wasted as Yahoo is winding down the company.
This strange retreat from Yahoo is just a month after the battle cry from Carol Bartz, the Yahoo chief executive, that Yahoo would be moving into video technology in a big way by acquiring more businesses.
Despite the move to close down Maven Networks, Yahoo is putting a brave face on it by declaring they’re still dedicated to video technology, they’re just scaling back investment in some areas.
Maven had some very big clients for video content, including CBS Sports, but Yahoo will be winding down the contracts. There will also be redundancies as Maven employees are laid off to save costs.
Yahoo has also closed two other video sites this year, Y!Live and Jumpcut.
The message to Google seems to be, help yourself, the battlefield is yours.
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