TVSquad

Babelgum may have started its life as a Joost-killer, but since Joost doesn't really seem to be catching on with the general public, it's not clear that anyone really needs to kill it. But while Joost is still working to sign major TV networks and movie studios as content partners, Babelgum appears to have given up on that endeavor and has instead created a $15 million fund to invest in independent films.

Right now when you fire up the Babelgum peer to peer video client, you're confronted with a ton of short videos from independent filmmakers. There's even a sort of online film festival, where Babelgum users can rate videos.

Overall, the Babelgum player provides an awesome interface for viewing internet video content. The video quality is far superior to what you'll find on YouTube. And since the client provides has a full screen interface you don't need to constantly hit a button to make your videos toggle between full screen and in-browser modes. But there's one big problem with Babelgum: It doesn't have much content you've heard of. So while it might make sense for Babelgum to focus on independent film while the big guys go to Hulu, Joost and other sites, I can't help but wonder if the service will ever see a return on the investment.

[via paidContent]