Internet TV service Joost has given up trying to compete with YouTube and Hulu. “It’s been increasingly challenging to operate as an independent, ad-supported online video platform,” said Mike Volpi, who is stepping down as CEO but will stay on as chairman.
Joost’s offices in the Netherlands and the U.K. are to close and an unspecified number of its 100 staffers will be laid-off. At one time Joost employed 200 people worldwide. Senior VP of engineering Matt Zelesko will become CEO and will be supported by a team based in New York. Volpi said Joost would focus on building “white label” video platforms that give users a way to incorporate professional-grade video into their websites.