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In addition to supporting video chat with friends, Airtime connects users based on location and shared Facebook interests. Once connected, users are anonymous until they decide to reveal themselves.
The service also enables shared live experiences. At launch, users will be able to watch YouTube videos together and more content sharing options are promised.
Fanning said: "We look at Airtime as if it were a smart and engaging host. Airtime is a service that does everything it can to help you find the people that you should know, and then guide your conversations further. These are connections that wouldn't be possible in the real world."
He added: "If you look at this from an idealistic standpoint, Airtime is something only technology can facilitate. And it is finally possible with the ubiquity of webcams, broadband connections and a highly developed identity layer. We've only scratched the surface with what the Internet can do today."
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