Synch, the world’s first premium video service, is shutting down its operations, with Synch CEO Alex Berenson saying that it has lost enough customers to make it financially unviable to continue.
The company was founded in 2013 and has raised more than $100 million from private investors including Mark Cuban, Warren Buffett and Tom Perkins, as well as some of the biggest names in Silicon Valley.
Berensey says that in the last three years, the company’s growth has slowed dramatically.
In his announcement, Berensell says that Synch is shutting the doors to its online marketplace on March 31, 2019, and that all existing customers who have purchased the service will be automatically refunded.
He said that if you are not already on the platform, you will be refunded the full amount you paid for the service.
In a press release, Barenson said that “synch’s decline is more than a loss of money for the company.
It is a loss in the way it serves customers and the way we do business.”
Synch has seen a significant decline in online video traffic over the past year, Bennson said, and has been losing money since it launched its online video service in 2018.
In February 2019, Borenson said Synch would be shutting down by March 31.
Barensson’s announcement comes after a string of controversies and delays for the video service.
Borenstson’s company, which launched in 2013, has struggled to make money since launching its online platform.
In 2018, Berensson resigned from the board of Synch and has since sold his stake in the company to his partner.
In March 2019, the New York Times reported that Berennsson was involved in a $25 million fund that included the proceeds from the sale of Syncy.
Beressson’s successor, David Berensson, told the New Yorker that he believes Berenstons company is failing.
“This is the beginning of a lot of difficult decisions that we’ll have to make,” Berensson told the magazine.
“We’re going to have to consider how we can be better in 2018 and 2019.”
In an interview with CNBC earlier this month, Biden said that he would not be re-joining Synch.
“I will be retiring,” Biden told CNBC.
“If I would have known this, I would not have made this decision.”
Berensen told the Wall Street Journal that the decision to close Synch was his own and that it was not related to the company failing.
He also said that there was no indication that the company was in financial trouble.
“It wasn’t like we were losing money.
It was that we had to find a way to make a profit,” Bereson told the WSJ.
“What we did is a little different than most people would do, and I think it has a lot to do with the way the business operates.”
Borensson’s comments come just two days after he told a group of Wall Street analysts that he was stepping down from his position as CEO of the company, and he told CNBC that he had been approached by multiple potential successors for the CEO role.
Biden did not provide details about who was interviewing for the role, but Berenn said that it would be someone “with a long track record of success.”