Airtime.Com New Venture by Napster Co-Founders Sean Parker & Sean Fanning

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If you’re a self-made billionaire before age 30, you probably have a lot of ideas — and time — in your hands. And with countless ideas, contacts and potential ventures, you would have the leeway to build more, in the hopes that even just one will succeed. The co-founders of Napster are at it again, with a new venture called Airtime.com

Napster — even with its detractors and critics — helped spark a change in the music industry. Whereas CDs were the medium of choice in the early 1990′s, that quickly changed when Napster popularized music sharing. Although their business model and licensing schemes were said to be doubtful, they helped pave the way for newer services like iTunes. Even Spotify, which Napster co-founder Sean Parker — who is likewise Facebook’s founding president — is currently invested in, is part of this big, legitimate online music distribution industry.

But music seems to be old technology, with the popularity of richer content like video, as well as social networking. Parker and fellow Napster co-founder Sean Fanning are soon launching a new venture called Airtime.com. Details are sketchy at this time, but from recent interviews with Parker, Airtime seems to be a live video-sharing site, in which users can post videos, and online friends will be able to respond in real time. While the exact market for this kind of technology is not yet clear, Parker says it will help “eliminate loneliness.”

Video-sharing sites have been done before, as have video-conferencing services. But what might set Airtime apart is the social aspect. While socially-oriented video sharing services have already been done before, we suppose Airtime will have something to do with existing social networks like Facebook. Parker is likewise working on developing Facebook apps, and we suppose it’s better to partner with a social network with a 75o million-strong userbase than wing it on your own.

Will Airtime launch soon? We don’t know, but we’re watching this space. (And that’s partly because Airtime promises to eliminate loneliness.)