Summary:

Turns out Joost has made 14 staff redundant in the last few weeks, after dropping its old desktop app in favour of a web version, CEO Mike V…

Turns out Joost has made 14 staff redundant in the last few weeks, after dropping its old desktop app in favour of a web version, CEO Mike Volpi tells C21. Volpi also said the outfit will need more money in ’09, but explained the cuts came organically as part of strategic changes, rather than shrinking finances. There have been frequent murmurings about new financing for Joost. On record, Volpi said it has “ample money in the bank”, but added it’s getting approaches from possible investor candidates: “Some time in 2009, we’ll have to have a little more finance but specifically when depends on a lot of factors. I don’t feel that we are in any jeopardising circumstances surrounding that.”

Joost got $45 million from Index Ventures, Sequoia Capital, CBS (NYSE: CBS), Viacom (NYSE: VIA) and Li Ka Shing Foundation in May ’07 and one has to wonder whether its recent Hulu-like redesign won’t be attractive for CBS as it counters the NBC/News Corp (NYSE: NWS) JV. The new Joost’s social feed technology revealed Volpi watched Flight Of The Conchords on Boxing Day.

Comments have been disabled for this post