Poor YouTube. Everyone's trying to cash in on your idea and they don't even have the decency to keep you in the loop.
Hulu already has a large following from its TV and movie streaming, and could give YouTube, who has been having copyright issues with record labels in the past few months, a run for their money. Warner, EMI, Sony and Universal Music Group are all allegedly in talks with Hulu regarding negotiations with the NBC Universal and News Corp. owned site, according to Bloomberg.com.
The four record labels have all been discussing prospects with Hulu since late last year, but there is still discussion concerning advertising revenue, as Hulu isn't offering music companies ownership in the Web site. YouTube is also apparently in discussion with companies over revenues and offerings as well, but has yet to comment on the issue. Though YouTube is one of the most well-known video sharing sites on the Web, Hulu could cause the site to loose its upper hand in the video sharing world if it generates more online ad revenue from music videos -- causing greater feedback from record labels who want their cut of the cash.