Joost, the online video portal, has announced it is change tack when it comes to how it manages its business, and is to focus most of its efforts on the technology behind its video portal instead of the portal itself.
Joost's CEO Mike Volpi has announced he is to step down as CEO but will stay in the company as chairman. In a statement, he mentioned the restructuring of the site, explaining: "It's been increasingly challenging to operate as an independent, ad-supported online video platform. In order to position ourselves well for the future, we began investigating additional lines of revenue for Joost."
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These lines of revenue include pushing the technology behind Joost and become a white label video provider for businesses.
Speaking about the news, founder of blinkx, the video search website, Suranga Chandratillake said: "There's been a tremendous shakeout in online video this year, with many of the industry's most established players on their knees, or shutting their doors entirely. Video hosting is a tough and expensive game to be in.
"Although the internet has proven itself as a viable alternative to watching TV, it's a highly fragmented environment, and figuring out where to find the TV show, film or information that you're looking for can be painful."