OnLive shutting down and selling shares to Sony

onlive2014

The cloud gaming service OnLive had something of a troubled existence. It never quite resonated with the gaming audience, initially shutting down in 2012. The service attempted to make a comeback less than a year ago with a whole new service in tow. But the dream looks to be over for good this time, as OnLive is once again closing its doors and it will be Sony that reaps the benefits.

VentureBeat is reporting that OnLive is shutting down operations and will sell all of its cloud gaming shares to Sony for an undisclosed amount. The move will further tighten Sony’s stranglehold on the cloud gaming market, coming nearly three years after the company purchased Gaikai for $380 million. Sony used the Gaikai purchase to kickstart its cloud gaming service, PlayStation Now.

“These strategic purchases open up great opportunities for our gamers, and gives Sony a formidable patent portfolio in cloud gaming,” Vice President of Global Business Development of Sony Computer Entertainment Philip Rosenberg told VentureBeat. “It is yet another proof point that demonstrates our commitment to changing the way gamers experience the world of PlayStation.

Source: Shacknews

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