"Parker has been coy about the platform's specifics, but says it will offer communication and sharing in real time -- something he thinks is underserved on the Web," Forbes writes. "Airtime will likely be a site where friends can post videos and react to them -- and each other -- live."
There's also a video chat function a la Chatroulette. In April TechCrunch reported Parker and Fanning were working on a video-focused product called SupYo, which sounds a lot like Airtime. Whether the partners rebranded their pet project, or someone has their wires crossed remains to be seen. As previously reported Techcrunch, founder and ex-editor Michael Arrington is also an investor.