"The video streamer, which is owned by Barry Diller's IAC, announced last November that it planned to spend "tens of millions" to build out a competitor of Netflix, Hulu and the newly launched YouTube Red. ... The company already has a subscription business in which it sells professional tools to its more than 750,000 creators" - and it will refocus on that business instead, according to the announcement.
Article source here:Arts Journal
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