Joost to stop offering free TV shows online
Last Updated: Thursday, July 2, 2009 | 11:23 AM ET
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The online video site Joost will no longer be showing free TV shows, music videos and movies after finding its ad revenues could not support that business model.
"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 this week.
Joost, started in 2007 by the creators of the Skype voice-over-internet protocol service and the music-sharing service Kazaa, offered dozens of TV shows to U.S. internet users, including the anime series Naruto and the comedy series Weeds, along with movies and music videos.
The company now plans to restructure and change direction.
It will begin offering services to help media companies publish video online under their own brands with Joost's technology, which is being relaunched as a white-label video platform, the company said in a news release Tuesday.
The company's new CEO will be Matt Zelesko, who has been the company's senior vice-president of engineering. Volpi will remain chairman of the board of directors.
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