Video streaming service Shomi will shut down as of Nov. 30

TORONTO - Video streaming service Shomi announced Monday it will shut down at the end of November, two years after it launched. “The business climate and online video marketplace have changed markedly in the last few years,” David Asch, senior vice-president and general manager for Shomi, said in a statement. Shomi was launched by Rogers (TSX:RCI.B) and Shaw (TSX:SJR.B) in November 2014 in an effort to grab the attention of a growing number of people watching TV and movies online. It was seen as a competitor to Netflix and other similar web streaming services. “We tried something new, and customers who used Shomi loved it,” Melani Griffith, senior vice-president of content at Rogers, said in another statement. Rogers said it expects to incur a loss on investment of approximately $100 million to $140 million in its third quarter, which ends Friday.