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Joost, the once-hyped video service that was supposed to rival YouTube, is scaling back: Mike Volpi is out, the majority of the employees are laid off, and the company announced it’s shifting from a consumer focus to offering a white label technology and distribution service. The Joost.com portal site will stay open, as an ad for the company’s hosting and distribution services, which it will try to sell to cable and satellite providers, broadcasters and video aggregators. “This technology and service offering will support content owners’ efforts to build comprehensive branded environments online”, they explain. Once Joost also had high hopes to become the premium video destination on the web –a space that’s now largely occupied by Hulu. In 2007 Joost raised $45 million from the founders of Skype and an array of high-profile... [read full story]
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