NEW YORK — VCs continue to invest irrationally, Spark Capital partner Dennis Miller said at EconAds yesterday. He said too many VCs invest in "rock star" founders as though they are "a call option on a bright future." Others too quickly buy the hype from hard-selling founders. Too many company's are getting too high valuations, he added.

Complaining that only one percent of customers were using the feature and even fewer users were actually paying for content, online video distributor Brightcove is shutting down the company's paid download and rental program. [NewTeeVee]

Brightcove, the online video company that managed to raise nearly $60 million in January, is shuttering its failed YouTube clone, Brightcove.tv, next month. Instead of trying to make money on loser-generated content, Brightcove is transforming its .tv domain into a hub to showcase its professional producers (like HBO, The New York Times, and National Geographic).