Launched less than three years ago, the service was so named because phone users typically flip their phones 90 degrees to watch videos on a horizontal screen. However, it struggled to attract viewers in an era of Snapchat and Instagram and failed to generate enough ad revenue.

With the service ending, Oath, the media and advertising unit that's home to AOL and Yahoo's online products, will become home for Verizon's video operations starting June 30, the company said Thursday said in a statement.

"Verizon will focus on building its digital-first brands at scale in sports, finance, news and entertainment for today's mobile consumers and tomorrow's 5G applications," the company said in the statement.