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That's the rumor at least, they claim confirmation here.
"Our anonymous sources close to the situation told us that it was "absolutely true" that Own3d TV would be closing in the next week or so and that they cannot pay the debts they owe and if they liquidate and if advertisers don't pay their streamer contracts that clears them of obligation to pay streamer revenue."
If you don't use it. Own3d is like Twitch, they are places you can cast yourself playing games. Those 2 aren't the only places to stream but 2 of the largest. Some people get paid for streaming if they get subscribers to their channel or accept donations. Some even make it a full-time job.