Joost is winding down its consumer service, slashing its headcount and parting company with CEO Mike Volpi.
Citing a challenging environment for ad-supported video, the online video service, started by the founders of Skype and KaZaa in 2007, said it will change its business model to focus on providing white label online video platforms for media companies, including cable and satellite providers, broadcasters and video aggregatorsÂ.
In a statement the company added: ÂJoost plans to make its white label video platform commercially available to media companies around the world.Â
The restructured company will operate out of London and New York with the Netherlands office closing. CEO Mike Volpi will be replaced by Matt Zelesko, currently senior vice-president of engineering. Volpi will remain chairman of the Joost board.
Joost launched amid a fanfare of publicity in 2007, striking content deals with CBS, Endemol, MTV, Warners and numerous others. It is backed by various private equity and corporate backers.