Snapchat’s television dreams on hold for now

If you enjoy online videos, you may be disappointed to learn that there’s now one less online site for viewing your favorite performers.

Earlier this week, Snapchat announced it is shutting down its online video site SnapChannel, according to the Los Angeles Times. SnapChannel had featured videos from leading comedians, music stars, and even instructional yoga and other videos.

Snapchat says it is “winding down” the video section of its app, which has been online for just nine months. In the wake of the news, many workers are expected to be leaving the four year-old company, which has also been plagued by recent security and privacy complaints.

The Snapchat site continues to provide a robust audience, garnering five billion video views each day, with 100 million people using the service.

The service’s streaming television relied on collaborations with media companies including ESPN and Disney, comedy from Funny or Die productions, music videos, and some original content.

With an influx of investments, Snapchat is valued at $15 billion, but even with the cash, analysts say the project was draining too much money to continue.

While the end of the project will mean some layoffs, the company is continuing to add new staff in other areas, and will be producing original content through its “live Stories” videos.