Video website Joost cuts service and jobs

New York: Joost, an early pioneer in bringing popular TV shows and movies to the web, is dropping its consumer service, cutting jobs and losing its high-profile chief executive as it struggles to find revenue to survive. The company said it is changing strategy to serve as a white label video platform for media companies such as cable and satellite providers, as well as broadcasters. This moves it away from being primarily a consumer website. "In these tough economic times, it's been increasingly challenging to operate as an independent, ad-supported online video platform," said outgoing Chief Executive Mike Volpi, who will remain involved with Joost as chairman. The company has programming deals with CBS Corp, Viacom Inc and Warner Bros among others. Joost launched with much fanfare in 2007 as the latest venture of Skype... [read full story]                    

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