Next-generation online video site gets US$45 Million.
Joost is a new way of watching TV on the internet. With Joost, you get all the things you love about TV, including a high-quality full-screen picture, hundreds of full-length shows and easy channel-flipping. So it’s easy to see why 4 investors (Sequioa Capital, Index and CBS) which includes our very own Li Ka-Shing invested US$45 million into Joost – the new company from the creators of that little-known VoiP company Skype.
We won’t pretend to figure out how Priceline, NOW TV, Cyberport and all the other Li family online investments work, but we are happy to see that someone from Hong Kong is throwing down the bucks to back technology growth even to help 2 guys who sold Skype to Ebay for US$2.6 BILLION!
What is Joost exactly? Its a new video site similar to YouTube but will be all-legal and much better quality. We have been invited to beta-test the site and while the content is not that good (read: not much to choose from other than old Popeye cartoons) the experience is quite exciting and the potential in how TV will be delivered is quite exciting. If you think YouTube is amazing, wait till you see that content in High-Definition. TV your way when you want it and what you want to watch and most likely more of it.