I was a fan of Joost when it first came out, but I have to be honest: I haven’t opened it up in quite a while.  And the reason, quite frankly, is simple: there’s nothing on it I can’t get elsewhere, and whatever exclusive stuff Joost has, isn’t worth watching.  What they need to focus on is content, and that just hasn’t happened yet.

Joost, the peer-to-peer Internet TV service that once raised $45 million in 2006 from investors such as CBS, Viacom, and Sequoia Capital Index Ventures, is revamping its tech platform [last100] with a Web-based service that requires only a plug-in to play in browsers. It’s due sometime this summer.

Will Viacom invest in round two? PaidContent doesn’t think so, leaving Joost’s future and ability to raise second-round funding uncertain.