Japanese electronics giant Sony announced on Tuesday that it will shut down its cloud-based TV service PlayStation Vue in January, Reuters reports.
“Unfortunately, the highly competitive pay TV industry, with expensive content and network deals, has been slower to change than we expected,” John Kodera, deputy president of Sony Interactive Entertainment, was quoted as saying.
The entertainment segment will remain focused on its core gaming business, Kodera added.
The content on Sony’s PlayStation Vue, launched in 2015, can be accessed through the PlayStation Store on PS4 and Sony’s partnerships with other entertainment apps, the company said.
Sony’s move comes as pay-TV groups have been squeezed globally as viewers switch to online video platforms that often offer cheaper packages and churn out original productions.
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