An initiative set up by the cable industry is abandoning efforts to develop interactive television commercials via set-top boxes, reports Advertising Age. The consortium Canoe Ventures will lay off 120 employees, the story reports.
The firm’s New York office will close, the piece adds. Following the shuttering of that unit, Canoe will focus on finding ways to advertise beside video-on-demand content, the story says.
"Canoe’s bump is a sign of just how fleeting the promise of so-called interactive advertising has become. Once heralded as one of the technologies that would make TV ads more valuable even as audiences for TV content splintered, ITV has been hard to master," the story points out.