Hulu's former CEO has unveiled a direct competitor to YouTube named Vessel.

Jason Kilar dreamed up Vessel because he wanted to overhaul the online video business. He, along with former execs from Amazon and Microsoft, therefore created a service that is quickly attracting YouTube stars and promising to make them more money.

The idea behind Vessel is that fans will be able to pay for early, exclusive access to their favourite YouTube stars' videos. For $2.99 a month, subscribers will get access to short videos for three days before they're available elsewhere. Some ads will also be incorporated into the videos.

This type of setup will not only steal viewers from YouTube but will also steal creators from YouTube. Creators will want to use Vessel because they'll earn about $50 for every 1,000 views. Kilar said that's about 20 times the amount earned from YouTube, AOL, Yahoo, and other sites.

After the 72-hour windows ends, creators will be able to post their videos elsewhere, including on YouTube, and then the videos on Vessel will become free and advert-supported. Creators who are interested in Vessel can immediately apply to join, but they might not get in right away.

Vessel is initially opening its service to only certain creators. A consumer launch isn't coming until early next year. Vessel has already signed up big networks (like Machinima and A&E), YouTube stars (like Shane Dawson and Marcus Butler), and music labels (like Warner Music Group).

Vessel hasn't even launched yet, but it's already gearing up to be a big hit straight out of the gate. It's an interesting approach too: instead of trying to take on YouTube completely, Vessel just wants to give viewers the exact same content they love...only sooner.

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