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Report: Set-top box maker Akimbo shuts down

Akimbo lays off staff and prepares to shutter operations, according to VentureBeat.

Akimbo, a set-top box company, has seemingly closed down for good, according to reports.

On Friday, VentureBeat reported the San Mateo, Calif.-based company let go of what was remaining of its staff except for three people who will help oversee the closure.

Attempts to sell the company weren't fruitful, according to VentureBeat. Akimbo's demise has been a long time coming. A year ago, it abandoned its original business model--providing set-top boxes that enabled owners to download movies via the Web.

Akimbo's business model never took off with consumers and it's easy to understand why.

The company required users to pay big for the hardware and pay again for each movie they watched. The company's main rival, MovieBeam, closed down in December.