(Reuters) - Sony Corp (6758.T) said on Tuesday it would shut down its cloud-based TV service PlayStation Vue in January, citing competition.
Pay-TV groups have been squeezed globally as viewers switch to online video platforms that often offer cheaper packages and churn out original productions.
“Unfortunately, the highly competitive pay TV industry, with expensive content and network deals, has been slower to change than we expected,” said John Kodera, deputy president of Sony Interactive Entertainment.
The entertainment segment would remain focused on its core gaming business, Kodera added. (play.st/31Y7APH)
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.
Reporting by Ambhini Aishwarya in Bengaluru; Editing by Maju Samuel