Google Video is saying goodbye.

In a story from Home Media Magazine, Google Inc. announced that on August 15 Google Video would be shutting down.

"Last week" the company "sent e-mails to users informing them of the pending closure and reportedly offered $2 in online retail credit to users who purchased content prior to July 18."

This early "market for downloading movies and television content from the Internet has received major press despite the fact sales generated by third-party sites represent a minute fraction of total filmed entertainment revenue."

The writing for Google appeared to be in the wall "last October when it paid $1.65 billion to acquire community video sharing site YouTube."