Seesmic, What's The Hook?

There has been a ton of buzz today about Loic Le Meur’s new site Seesmic and how he raised $6 million. Apparently the majority of the funding came from Skype founders Niklas Zennstrom and Janus Friis after a dinner conversation. I got on Seesmic a few months back but I haven’t been able to figure out what the main point of it is. It’s a video version of Twitter but personally I don’t have time to flip through a ton of videos in a conversation.