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CBS is looking to buy the next YouTube. Just which site that will be is the billion-dollar question. The front-runners could be Blinkx, which boasts 6 million hours of video, blip.tv or Veho. Also there is a start up called The Venice Project, which could launch before the end of this year.

Leslie Moonves CBS Chief Executive says they have plans to buy the next video-sharing site. They have hired investment banker Quincy Smith to find the next YouTube.

In a Los Angeles Times article Smith said, "I appreciate the pressure". The company has named him the president of their new Interactive division. According to the Times article CBS has $3 billion to burn to try and make a move on the digital media front.

The buzz surrounding the next trend in digital media is sites will team with legitimate media to create the next big video giant. The days of video piracy are on their way out.
This commercialization of web video will be great for big business but maybe not so great for viewers who do not want to watch more advertisements.

Media companies like CBS are eager to find Internet assets that will be good for them in the long term. As more and more advertising dollars are moving away from TV and radio into the Internet world the more valuable video sites will become.

In an interview with Mike Hudak from blip.tv he told WebProNews that he saw video content changing from what YouTube does to more sites offering episodic original content, which is what blip.tv, does now.

He did not think any company out there would want to go through the legal issues of copyright infringement like Google has encountered with their YouTube purchase.

On who will be the next YouTube Hudak said, "I think we have the magic combo"

Just how many other companies will follow CBS's lead is another question. What will the other network broadcasting companies' do? How many video sites will partner with major media sites and how many will be able to maintain profitability?

It will be interesting to see what CBS does in the next few months. The hunt for the next YouTube is certainly an intriguing idea. What direction web video will take and what other major media players will get involved will be a compelling storyline to follow.

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Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.