Yahoo canned its video streaming service
Yahoo now plans to diversify its video properties on to its digital magazines platformGetty Images

Yahoo has shut its on-demand streaming service for TV shows more than two years after it launched the feature. The video hub was the technology firm's effort to introduce a unified platform for all its original and syndicated content, to take on competing firms in the industry.

Yahoo Screen played a key role in reviving comedy show Community after it was axed by NBC. The California-based technology firm picked up Community as an original series and launched it in 2015, however this cost the company dearly and it reported a loss of $42m (£28m, €38m) in October 2015 and on 4 January, Yahoo Screen as a portal was discontinued.

The company now plans to diversify its video properties on to its digital magazines platform. For instance, concerts that had been streamed on the Yahoo Screen's Live Nation music channel are now slated to be moved to Yahoo Music. The streaming service live streamed overseas NFL games and clips from the show Saturday Night Live.

Commenting on the recent shift a company representative told Variety, "At Yahoo, we're constantly reviewing and iterating on our products as we strive to create the best user experience". He went on to claim that the decision to move Yahoo Screen to various digital magazines will provide consumers the opportunity to "discover complementary content in one place".

The firm had previously invested heavily to boost its entertainment section, but now appears to be shifting focus under directives from CEO Marissa Mayer. It is uncertain as to whether any layoffs can be expected within the company in the near future, but Mayer's multi-year change has yielded little success for the firm, leading to dissatisfaction among investors and executive exodus.