MUMBAI: The six-year-old San Diego online video-sharing Web site Veoh Networks is shutting down, citing the rough economic climate and legal issues. 
 
The company had attracted venture capital support, but couldn‘t match competition like YouTube. 
 
Veoh co-founder Dmitry Shapiro says, "Unfortunately, great vision, a passionate team, tens of millions of users, millions in revenues and victory in court were not enough. The distraction of the legal battles and the challenges of the broader macro-economic climate have led to our Chapter 7 bankruptcy.

"We grew our passionate audience base to over 28 million users per month, built a business with a run rate of $12 million, and helped educate many blue chip advertisers about the bright future that online video holds for them."