YouTube co-founder to launch new video streaming service

YouTube co-founder Chris Hurley is planning to launch a new video streaming service, it was revealed at this year's music and tech festival SXSW, which runs from March 8-17.

YouTube co-founder Chris Hurley is planning to launch a new video streaming service, it was revealed at this year's music and tech festival SXSW, which runs from March 8-17.

Hurley, who co-founded YouTube before selling the video streaming site to Google for $1.65 billion, teased his new streaming site at a question-and-answer session with Digg founder and Google Ventures partner Kevin Rose at this year's SXSW.

Hurley did not go into much detail about his product but is quoted on TweakTown as having stated that his product was 'primarily video-based...and gives flexibility for people to work together and create content.' TweakTown and Adweek also quote Hurley as stating 'We're not setting up to [kill YouTube] -- now. There's always going to be a place for YouTube' in a response to a question from Kevin Rose asking if Hurley intended to create a new-generation YouTube.

Hurley also joked, 'I wish [SXSW] was a month later because I could unveil the new product.'

During the question-and-answer session, Hurley also discussed how YouTube was eventually sold to Google and talked about meeting Google's Executive Chairman Eric Schmidt and Google co-founder Sergy Brin at a branch of Denny's restaurants.