Live and interactive video streaming platform Ustream announced an additional $6 million investment from existing investors DCM and Softbank, along with changes in the executive team that chief executive officer and founder John Ham stepping aside. This funding is in addition to the $10 million telecoms provider KT Corp. invested in October to launch Ustream Korea as part of the company’s joint venture for Ustream Asia with Softbank Corp. in Japan.
“This vote of support for our strategy will give Ustream the additional resources needed to expand the premium content we can make available to users, continue to introduce great innovations in online video products and build out our team,” Ham said.
With these achievements completed, Ham wrote on the company blog, the “timing is perfect for the company and for me to announce that I will be returning to my entrepreneurial roots. I want to say from the bottom of my heart that I love Ustream. I thank everyone for their support over the past 4.5 years.”
Ham will remain involved with the company as chairman of the board. Ustream co-founder and president Brad Hunstable will serve as interim chief executive officer.
Gen Isayama, DCM partner and Ustream director, said, “John has been a terrific leader in guiding Ustream as its co-founder and CEO. I am thankful for all his work to date in making Ustream a global leader and am very happy that he will be staying involved with the company. I look forward to John’s new ventures and certainly wish him the best of luck.”
Ustream users include brands, celebrities, musicians, athletes, politicians, animal enthusiasts, gamers, and any other company or individual with video content they want to share. On Thursday (Nov. 3), for instance, the platform hosted the Chinese Theater’s live webcast of Twilight stars Robert Pattinson, Kristen Stewart and Taylor Lautner (pictured, L to R) adding their handprints to the world-famous collection in the formerly Grauman’s Chinese Theater’s forecourt in Hollywood, Calif.
Ustream blog post – http://tinyurl.com/7sfy6cr