Facebook is shutting down its video ad exchange, LiveRail, sources tell The Wall Street Journal.
Facebook bought the ad tech company for a reported $400 million to $500 million in July 2014 to help it “make video advertising much better for everyone,” but the acquisition didn’t play out as expected.
In April, Facebook ad exec Brian Boland admitted to Business Insider that integrating LiveRail’s technology “frankly took longer than we would have hoped.”
He said that ad fraud and viewability issues made LiveRail change course.
Over the last few months, the company’s CEO left and Facebook laid off dozens of LiveRail staffers.
Facebook wasn’t immediately available to comment. A source familiar with the company’s plans told The Wall Street Journal that the LiveRail brand isn’t going away because Facebook might decide to build new video ad tech products.
It’s been a big week for Facebook operated ad tech: Just yesterday, the company confirmed that it was shutting down its ad exchange, FBX, which allowed third party ad companies to buy desktop Facebook ads.
Both shutdowns look like a sign that Facebook’s putting even more attention on an ads platform called Facebook Audience Network, built in-house, which lets brands extend their Facebook ad campaigns beyond Facebook using the same targeting data as they use within it.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.