LONDON — Internet TV service Joost has given up on its attempt to compete with YouTube and the increasingly successful Hulu, backed by Fox, Disney and NBC.
“It’s been increasingly challenging to operate as an independent, ad-supported online video platform,” said Mike Volpi, who is standing down as CEO but will remain as chairman.
Joost’s offices in the U.K. and the Netherlands are to close and an unspecified number of its 100 staffers will be pinkslipped. Joost once employed 200 people worldwide.
A core team will be based in New York, where senior VP of engineering Matt Zelesko will become CEO.
Volpi said Joost would focus on building “white label” video platforms. These give users a way to incorporate professional-grade video into their websites.
Joost was created in 2006 by billionaires Niklas Zennstrom and Janus Friis co-founders of Internet phone service Skype and music service Kazaa.