Ulrika Viklund told Breakit that Magine had not been able to provide the Swedish viewing experience needed to fully succeed in the Swedish market.
When it launched at MIPCOM in 2012, chairman Michael Werner said Magine with its in house-developed software would change TV forever. It subsequently racked up huge losses.
It will retain filmhyrningstjänsten Plejmo in Sweden, which it acquired in 2015 and continue to invest in other markets, including Germany.
In February, Magine announced the launch of Magine Digital Media, offering Magine TV’s technical platform for web-TV streaming as a scalable out-of-the-box solution to infrastructure operators, platform operators and content providers.