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If the deal goes through, it may be the first major YouTube foray into premium content (dabbling with content from CBS, MGM, and recently Disney is nice, but none of it brought large amounts of full length features to YouTube).
Although YouTube is still considerably larger than Hulu, its future still largely depends on whether it will be able to secure premium, licensed content from major media companies or not (also, not losing copyright lawsuits to these companies). It's not only about the content; as we've written before, having inked deals with major media companies also means easier ad sales.