Video portal Joost is shifting gears, announcing that it will focus on providing white-label online-video platforms for media companies such as cable operators, satellite providers, broadcasters and video aggregators.
The company also announced a restructuring, with Mike Volpi giving up the CEO post but remaining aboard as chairman, senior vice president of engineering Matt Zelesko assuming the CEO role and senior VP of international business development and content acquisition Stacey Seltzer running the business operations. In addition, staff will be whittled down to what Joost called a “core team” in New York and London.
The company issued a press release, which included a statement from Volpi.
Media companies around the world are embracing Internet-based video portals as a key path to distribute their premium video, but building a world-class video portal is increasingly difficult and expensive. Joost will focus on this issue and provide the market with a cost-effective, end-to-end solution for media companies to publish video under their own brands.
Today we’ve decided to make some changes at Joost. In these tough economic times, 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.
After much analysis, we have decided to change our focus and to start providing white-label online-video platforms for media companies and distributors. We have built a solid technology platform that there is demand for in the marketplace, and we look forward to this new chapter for our company. At the same time, we’ll continue to operate Joost.com and its associated video applications.
Unfortunately, as a part of this change, we will say goodbye to many of our colleagues and friends. This is obviously disappointing and sad—it’s never easy saying goodbye to coworkers, especially when people have poured so much of their time, talent, effort and emotion into a company. We appreciate the contribution that all of our employees have given to Joost, and wish them well in the future.
Thank you for all of your support.