This story is exactly why TechCrunch is such a joke. You can't make giant, sweeping statements like: "The Day Live Web Video Streaming Failed Us" and then, in the second sentence of your story, deliver a bunch of incredibly impressive stats about how successful the various streams were.
I like how the last paragraph reveals the true point of this post though. It's just a veiled advertisement for another lame P2P video service.
How does anyone take these people seriously? It's kind of fun to watch them flop around making mountains out of mole hills but anyone who considers these jokers to be a legitimate news source should re-think how they get their information.