Joost is liquidating its UK division as it works to shrink the business following its switch from a video portal to a white-label video provider.
The insolvency notice from the administrators handling the case, David Rubin & Partners, says: “Joost UK Limited, the online video company and wholly owned subsidiary of Netherlands based company Joost Technologies BV, has entered into liquidation.”
Former Joost CEO Mike Volpi told us in July that the company was going “to be virtually all based in New York” and that its was then in process of “winding down the Dutch office”. He admitted the company’s VOD model had failed because it was starved of quality content by broadcasters and right owners — which prompted a shift to its current white label distribution model.
The insolvency notice adds that Joost “failed to sustain a significant share of the internet video industry and was unable to address this effectively through a re-positioning of its services.”