WSJ writes about The Venice Project (now called Joost):
“The Venice Project,” promises to let users watch professional video such as TV shows and movies whenever they want on their personal computers with better image quality than many popular video sites. The free offering combines elements of traditional TV, such as channels that users can flip between, with Web functions such as chatting between users and keyword search for programs that consumers can then pull up on demand.
“We want to merge the best of TV with the best of the Internet,” says Mr. Friis. The Venice Project’s chief executive, Fredrik de Wahl, says its aspirations are grand: “We’re going after TV-like audiences on the Web.”
Like TV, the service will be financed by advertising that will be shared with the video-content owners.