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Although, of course, the issues of video content delivery cost and Hulu’s business organization often is a matter of discussion.
Current Hulu’s highlights:

• Hulu develops features to increase relevancy of advertising to the user, thereby enhancing the value of interactive advertising, including choice of ads and voting for ads.
• The user can preview the ad and then watch the whole episode without interruption.
• Much attention is given to relevant video recommendations. Hulu recommends videos watched by people with a similar profile and also people viewing the same videos as the user.
• Compiling a user profile based on viewing history, especially for anonymous users.
• An option to replace irrelevant advertising with other ads. Advertisers pay much more for the involved customers.

P.S.
One piece of advice from Jason Kilar. The entrepreneur must be more than a little bit crazy. Otherwise, everybody would have already done it.

Here you can see the presentation.