According to zdnet.com, the founders of Skype, Janus Frilis and Niklas Zennstrom, are about to launch the world's first broadcast quality Internet TV service, joost.com.

Based on the peer-to-peer technology the two first developed with their Kazaa service, the new network - code named "The Venice Project" - will beat major players like YouTube and BitTorrent to the marketplace.

Joost's nifty technology may be enough to sway the entertainment industry to place a bet on proven winners in Friis and Zennstrom.

A menu allows users to switch channels with a click of a link. Users will also have TiVo-like control of the content and access to any show offered regardless of time of day. They can also can skip ahead or backward within a show.

The Luxembourg-based company will support itself with advertising, specifically Internet ads that behave just like TV commercials.

"These are the kind of ads that the TV industry and viewers understand," de Wahl said.

As everyone who has tried to make money on the Internet knows, convincing advertisers to pay big dollars for ad placement is a hit-and-miss proposition at best. By giving advertisers a TV-like model, Joost may just be the market solution ad buyers have been looking for.