Logitech CEO Guerrino de Luca has admitted it blew $50 million on Google TV, which it dropped last week. He said they might back the platform again but this time “the product was not mature at the launch.”

Google does not disclose how many users it has for Google TV but has admitted version 1 was pretty much a flop. “Google TV is a great concept, but,” De Luca told Reuters, he said embracing the platform was a good idea, however it overinvested in making set-top boxes for the platform, causing it major losses.

He said set-top boxes for Google TV, coupled with a failed revamp of European retail operations, in total cost the company around $100 million. “On the bottom line they are of a similar size,” he said.

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