...and we're back!

Video service Joost, which dubbed itself "TV on steroids" when it debuted in Feb. '07, has relaunched with a Flash player and social media features.

The service provides ad-supported media to those that download its desktop software. Most notably, videos are now viewable with Flash, meaning people no longer have to download Joost software to their computers. While the service generated excitement among users at outset, it was quickly eclipsed by rivals like Hulu, a sitcom and film-watching site that does not require a software download.

New social capabilities include: the ability to post Joost news feeds to other sites, including social networks like Facebook, and the ability to build groups around TV shows, characters and music artists, fostering discussion and encouraging interaction with content. Advertisers will also benefit from content embeds: the more places an ad-supported Joost show is posted online, the more eyeballs they'll have for their messages.

Out of the 117 million people over 13 years old that watch videos online, 45-50% will watch full-length TV shows by the end of the year, a Forrester analyst told The Globe and Mail. Companies will spend about $989 million this year to advertise in online videos, compared to the $471 million they spent last year.

Competition for these dollars has made major players feverish. Google recently made its foray into the market by adding content partners to YouTube. The search giant signed a deal with CBS to bring 20-40 minute episodes of flashback favorites like Star Trek, The Young and the Restless, and Beverly Hills 90210 to the amateur video-sharing site. Other such deals are expected to be made through 4Q08.

Rival Hulu is co-owned by News Corp. and NBC Universal; Joost is the spawn of the creators of Skype and Kazaa. To keep up with the joneses, the latter's inked a handful of content deals with major network partners. Syndicated shows, like Friends or The Daily Show, now appear among its offerings.