OnLive service to be shut down

Cloud gaming company OnLive has confirmed that it will shut down on April 30th.

OnLive was first in trouble back in 2012, when it suddenly laid off most of the workforce. A few days later however, it was revealed that it was purchased by an investment firm. It seems, however, that even under new ownership the company failed to take off.

After today's date, no further subscription renewals will be charged for any of OnLive's services. Users whose subscriptions renewed on or after March 28 will be refunded. Following the termination of the company's services and related products, OnLive will engage in an orderly wind-down of the company and cease operations.

Also worth noting, OnLive has sold around 140 cloud gaming patents to Sony Computer Entertainment as part of its closing. No financial terms were disclosed. Sony Computer Entertainment made headlines in July 2012 when it acquired OnLive's rival, Gaikai, for $380 million.

The OnLive service was first revealed in March 2009 with big promises, and was perhaps one of the first companies to take a serious attempt at video game streaming.

[Thanks GI]

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