Back in January, YouTube announced that it was launching around 160 channels of fresh, original content, and that it would invest to help it compete with traditional cable and network programming. Less than a year on, it's axing over half of them.
YouTube injected £125 million into the project, which includes channels like The Onion and Jay-Z's Life and Times. Seems the rewards haven't been as forthcoming as they'd like: 60 per cent are being axed, and YouTube will cream off 100 per cent of incoming revenue from the ones that aren't renewed.
Image by Rego - d4u.hu under Creative Commons license