On the evening of March 7, Panda TV founding member and COO Zhang Juyuan issued a farewell letter in the company’s work group, officially announced the demobilization of employees.
Zhang Juyuan explained that the closure of Panda TV is due to a funding gap. After the final financing news in May 2017, the company did not have any external capital injection for a period of 22 months. The management has been trying for the past two years and has tried to find at least 5 potential investors. And a variety of programs, unfortunately did not solve the gap in funding.
Recently, in the speculation of foreign media, Panda TV officially declared bankruptcy through an internal letter late at night. The Panda TV platform no longer exists on the Internet and its bankruptcy raises new suspicion of the profit mode of streaming industry.