We covered the company’s content deal with the BBC in December and the company said at launch that its goal was to offer content from 20 major TV and film studios. Parent company Azureus reports more than 140 million downloads in 100 countries of its BitTorrent platform in 100 countries. The company has raised $12 million in funding from Redpoint Ventures and BV Capital.

Today’s Zudeo announcement will provide an interesting reference point for the eventual launch of Joost. Both companies will bring offer online distribution of commercially produced, high quality video content and may compete for eyeballs with low-quality user generated content.

Our previous coverage of Zudeo can be found here.

Under the agreement, BBC will license a number of television shows to U.S. users, including Red Dwarf, Strange and Invasion Earth, Little Britain, Doctor Who, Fawlty Towers, Coupling, Keeping Up Appearances, League of Gentlemen and Ideal.

It is a tragedy that they didn’t include the only BBC show worth watching, The Office. Of course, that show is readily available on Azureus’ BitTorent client.

The benefits of Zudeo are pretty clear to publishers, who can leverage P2P networks to substantially decrease bandwidth costs and speed downloads for users.

This spells trouble for Pando and Red Swoosh, which offer competing products to publishers. Zudeo probably isn’t focused on those companies, though. There is a multi-party war brewing for IPTV eyeballs between iTunes, Venice Project, Zudeo and YouTube. Watch this space.

Azureus is known for their peer-to-peer applications and Zudeo will build off of that, allowing users to share their own content. But it will also allow corporate content providers to publish, showcase, and distribute high resolution, long form content. The company says the focus will be on “high quality DVD and HD content.” Essentially, Zudeo is a hybrid of YouTube’s social sharing and a B-to-C content channel.

“Media companies are embracing digital media distribution,” said Jarl Mohn, current chairman of the board of CNET Networks and an Azureus board member, in a release sent to TechCrunch on Friday. “Zudeo provides a very effective and secure P2P platform to distribute content to their audience.”

Azureus said that they are trying to “centralize and go viral.” Each listing will have a user rating and an embed code called Azureus Magnet so that users can share the content on other sites.

Azureus also announced a $12 million round of funding by Redpoint Ventures and BV Capital. This is a heap of cash for a video-sharing site if you consider that YouTube was initially financed for approximately $11 million. Azureus CEO Gilles BianRosa told us that the money would go towards marketing and team building.

Currently, Azureus has 15 employees. The company says that they have had 130 million downloads of their client, mostly from SourceForge.net, and are averaging 500,000 more per week. The company claims to have 15 million unique users.

Azureus’ deal with content providers is where they believe they will profit the most.

“Today, content creators and publishers can use Zudeo to freely promote and distribute their digital creations, with no limitation in length or video quality,” BianRosa said. “Furthermore, they can use our social networking tools to expose their content throughout the web, including blogs and social networks. Similarly, movie, games, and music fans can access a growing catalog of high resolution media content and share it with their friends easily.”