Skype co-founders Janus Friis and Niklas Zennstrom hope to merge TV and the web with their new project codenamed The Venice Project.

"People love to watch TV. They love professional storytelling by people who know what they are doing. And people love the Internet, because of the choice and the social qualities. We are trying to bring the best of both worlds together," Friis said.

The premise is simple; combine the interactivity of the web with TV in a system designed for content owners, advertisers, and consumers. Unlike YouTube or Google Video, there will be no central server hosting the content but rather using peer-to-peer technology, like previous projects Skype and Kazaa, The Venice Project will stream content to viewers. Friis and Zennstrom are shopping the idea around to small, medium, and large media companies in hopes of getting full length professional content on the network. Of course, anyone will be able to contribute video and use this new medium to grow their audience. Should be interesting time come November when The Venice Project is set to go live.