San Francisco, Oct 31 (IANS): Sony is going to cease its live TV streaming service PlayStation Vue on January 30 next year, as it struggles to turn a profit.
"Unfortunately, the highly competitive Pay TV industry, with expensive content and network deals, has been slower to change than we expected. Because of this, we have decided to remain focused on our core gaming business," Sony said in a blog post announcing the shutdown.
"PlayStation fans can continue to access movie and TV content through the PlayStation Store on PS4 and via our partnerships with top entertainment apps," the company added.
Recently as this summer, PlayStation Vue's most basic plan increased by $5 per month, but the streaming service still continued to lose money.
Recently, it was reported that the company was looking at selling its live TV streaming service.
The company earlier recruited Bank of America Merrill Lynch to explore the possibility of selling off its PlayStation Vue streaming service.
Vue was launched as an ambitious original project as one of the first broadcast-over-IP cable-replacement services in 2015.
Last year, PlayStation Vue has lost nearly 2.5 lakh subscribers, putting it significantly behind its compositors like Hulu or Sling TV.