Today the official name for the project has been announced. A press release on the new company website stated, “Today, the company formerly known under the code name The Venice Project™ has revealed its official brand, Joost™. Powered by a secure, efficient, piracy-proof internet platform, Joost enables a high-quality video experience based on premium content, while guaranteeing copyright protection for content owners and creators.”

"People are looking for increased choice and flexibility in their TV experience, while the entertainment industry needs to retain control over their content," Fredrik de Wahl, chief executive officer of Joost, stated in the press release. He believes that with Joost, his company has “married that consumer desire with the industry's interests."

Wahl hopes to see Joost “become synonymous with the best of TV and the best of the Web.” Joost is currently in a very limited beta phase, and hopes to add more upgrades to the program with its 0.8 release. Additional invitations for the beta should be sent out soon.

On his blog on the Joost website, Wahl also revealed the original reason for why the project was initially known as “The Venice Project” by saying “There was a lot of speculation about why we were called The Venice Project™ in the first place. The truth is admittedly slightly less intriguing than the mystery. The "Venice" of The Venice Project™, is not that of gondolas and canals. It's not Venice Beach, California. It's not even related to the movie. Our "Venice" was simply the name of the hotel conference room where we first decided to start this venture, the initial idea that is now Joost™. At that point we really just needed a name.”