Babelgum

Joost just got some competition. Silvia Scaglia, co-founder of scholarship search site Fastweb, just launched Babelgum in beta, according to Australia's iTnews.com.

Like Joost, Babelgum offers broadcast-quality, full-screen programming, and it is already serving content from Reuters and AP.

Scaglia is allegedly in conversation with a few Hollywood studios and courting indie produces for niche content. Content creators currently receive $5 for every 1,000 views. Ultimately the site is expected to be entirely ad-run.

Babelgum will also offer content owners a secure area for uploading and managing material. Scaglia said there are no restrictions on content size or file type.

Scaglia has invested $475 million of his own money into Babelgum and will invest another $175 million in revenue from Fastweb.

Meanwhile, Joost recently signed a content deal with Viacom and is currently in talks with ITV and Britain's Channel 4.