Verizon acquires Vessel, will shut it down on October 31

Vessel is being shut down on October 31, as Verizon acquires the company.

@anthony256
Published Thu, Oct 27 2016 1:17 AM CDT   |   Updated Tue, Nov 3 2020 11:57 AM CST

Verizon has announced it is acquiring subscription video service Vessel, but it's the swift closure of Vessel that is surprising.

Verizon acquires Vessel, will shut it down on October 31 | TweakTown.com

Vessel worked with YouTube giants and other video creators in its first few months on the block, offering early access to their videos for $2.99 per month. The company raised over $130 million from investors, too. Jason Kilar was Hulu's former CEO before he founded Vessel with Richard Tom, who was Vessel's CTO - Tom will stay with Verizon/Vessel, but Kilar won't be around after the transition of the acquisition later this year.

In a blog post, the Vessel founders said: "At the heart of this transaction is the Vessel technology, product and team that we have built. These three things will be married with Verizon's ambitions in online video. Though the team and the actual tech + product will live on at Verizon in ways that will become apparent in the months and years ahead, sadly we will be sunsetting the Vessel service at the end of this month (October 31)".

What will Verizon do with Vessel? The company has plans to throw some of Vessel's social features into existing Verizon products, and it will be looking into subscription business models for its video content.

NEWS SOURCE:techcrunch.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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