Joost to Become White-Label Video Provider; CEO Volpi Out

Authored by Mark Hefflinger on June 30, 2009 - 7:12am.

New York - Joost, the video distribution firm launched by the creators of Kazaa and Skype, announced on Tuesday that it will cut staff and turn its focus from an entertainment portal to being a provider of white-label video services. Chief executive Mike Volpi is stepping down, but will remain chairman, and will be replaced by former Comcast executive Matt Zelesko.

The company was founded in 2007 and has raised over $45 million to date in venture capital.

Joost uses peer-to-peer technology to help effectively stream video to users' desktops, and had attempted to secure content partnerships to create a Web video network.

"In these tough economic times, it's been increasingly challenging to operate as an independent, ad-supported online video platform," outgoing CEO Mike Volpi said in a statement.

The company now "plans to make its white label video platform commercially available to media companies around the world. This offering will provide a solution for companies looking to build a branded experience for their content on their own site as well as other sites and platforms in their distribution networks."

Volpi added that the company will continue to operate Joost.com and its associated video applications.

http://blog.joost.com/2009/06/a_note_about_todays_changes.html

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