BitTorrent fires two CEOs and pulls music streaming app BitTorrent Now

According to Variety, BitTorrent has reportedly fired two of its CEOs over a BitTorrent Now issue, and is shutting down the venture.

BitTorrent Now was a new project by the peer-to-peer sharing giant, with a focus on letting users legally stream their music, just like Spotify and other similar apps. According to the news report, the app is now being pulled. In addition, CEOs Robert Delamar and Jeremy Johnson, as well as a number of other employee,s have been laid off as the company closes its LA-based studio. CFO Dipak Joshi has stepped in as interim CEO.

The report cites sources from within the company that said spending on BitTorrent Now was “out of control”, tallying in the millions of dollars.

Johnson and Delamar were both appointed in April as part of BitTorrent’s new direction into legal forms of entertainment, the product of which was the streaming app on Android, iOS, and Apple TV,