I’ve been beta testing Joost, the Internet-TV startup founded by Skype-founders Janus Friis and Niklas Zennstrom, which recently raised $45 million from Sequoia, CBS, Viacom, and Li Ka-shing. It’s essentially similar to Comcast on-demand, but through the Internet, and with comparatively terrible picture resolution, though it has vastly superior image quality to other streaming, flash-based video sites. Joost has ads that abruptly interrupt viewing, but they are relatively quick and painless compared to five or so 30 second ads every 10 minutes on television. The speed of the viewing experience is also very good, but the site currently has a very limited selection of dated offerings.

If the site offered current, HD programming, and a more vast library of offerings, and the ability to download content for re-purposing content on your other devices (ie iPod or TV connected box), in addition to fast, streaming content, that would then be a recipe for a killer app. Perhaps Joost is a baby step to that day, but until that day arrives, I think cable and satellite television is relatively safe. Joost is expected to be available to everyone by next month.

[UPDATE - Joost has signed with Creative Artists Agency to broker content deals - this is starting to get interesting!]