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Co-Founders of Napster to Create New Online Venture Called 'Airtime'

Sean Parker and Shawn Fanning, the co-founders of the massively popular music sharing website Napster, have joined forces to roll out another Internet start up, according to confirmed reports.

Both Parker and Fanning are currently sweating over raising funds for this next venture, dubbed 'Airtime.' Reports suggest that 'Airtime' is going to be a video chatting service, built in the same line as Chatroulette. But unlike the latter, the new offering by the Napster founders is likely to include a social media aspect.

The partners have reportedly raised $8m (£5m) to launch the service. Investors include pop-sensation Justin Bieber’s agent Scott Braun, movie star Ashton Kutcher, and will.i.am of Black Eyed Peas fame.

The new offering from Parker and Fanning is likely to go live sometime towards the end of the running year.

"Inspired by Chatroulette, 'Airtime' will be random, realtime and include a live video chat component. Fanning and Parker are still vague on specifics, but don't expect it to look too much like Chatroulette," according to this TechCrunch report.