Napster creators in mystery video start-up

The creators of song-sharing service Napster have reunited for a video start-up. Sean Parker, the founding president of Facebook, told the FT he will be executive chairman of start-up Airtime. Shawn Fanning, who wrote the software behind the music site, will be chief executive.

The pair only hinted at Airtime’s product or strategy – but both confirmed they have raised $8 million from venture firms including Accel Partners and Andreessen Horowitz. Personal investments have also come from the likes of Yuri Milner of DST, Marissa Mayer, an executive at Google, blogger Mike Arrington, and Ron Conway, the angel investor.

Airtime was partly inspired by the rapid if shortlived growth of Chat-roulette, the website which enabled random webcam conversations.

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