The Many Pivots of Justin.tv
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The most amazing thing about JTV is that everyone just kept going, even when the circumstances made you want to roll over. Twitch and SocialCam are an object lesson in tenacity.
As Tim noted, props are due to the JTV team, who stuck around and kept building things where reasons to continue were scant, which was often.
I'm surprised that YouTube isn't already the "instagram of social video". I guess it just shows there's opportunity everywhere.
A lot of people think Pinterest was an overnight success, too. Know how long they've been around?
Edit: That comment sounded snarkier than I meant it to. I guess in relative terms, Instagram is an overnight success when compared to Justin.tv.