Business

LONDON

Joost exits consumer online video business


Published: Thursday, July 2, 2009 at 4:03 a.m.
Last Modified: Thursday, July 2, 2009 at 4:03 a.m.

Struggling online video startup Joost, begun with much fanfare in 2007 by the same people behind Skype and Kazaa, is restructuring its business after discovering it can't survive on advertising to fund its operations.

The chief executive, Mike Volpi, has stepped down but will remain as chairman.

The London-based company said it will shift its focus from being an online video site for consumers supported by advertising -- similar to Google Inc.'s YouTube. Instead, it will help businesses manage their videos on the Internet as they build brands.

Its target market will be media companies such as cable and satellite TV providers, broadcasters and video aggregators.


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