Hulu chief Jason Kilar to step down

Hulu chief executive Jason Kilar has announced he is to leave the video streaming firm.

In a publicly-posted email to employees, Kilar announced that he would be departing by the end of the quarter. Kilar said that he would be working with the company's board of directors to ease the transition.

Kilar has overseen the company since joining on in July of 2007. Since then, the company has grown from an upstart free video service to a premium subscription offering with full-length movies and television series.

"Our convictions and our relentless pursuit of better ways have made the difference and will continue to make the difference," Kilar said.

"We have grown from a few hundred thousand in revenue in 2007 to generating almost $700 million in revenue in 2012 alone."

During the five and a half years that Kilar has been running Hulu, the video streaming market itself has also changed. Once dominated by YouTube, the market has grown as premium services including Hulu and Netflix have launched their own streaming options.

With that growth has come new challenges. Faced with a bandwidth crunch from the soaring intake of streaming platforms, service providers have imposed data caps designed to limit customer intake of data.

In response, government agencies have launched probes into whether such practices give the cable television providers who also offer broadband services an unfair advantage over the streaming media services.