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Online video service Vessel launches in beta

File photo: Jason Kilar, then-CEO of Hulu LLC.
Kimimasa Mayama | Bloomberg | Getty Images

After a successful run at Hulu, Jason Kilar is looking to shake up online video with a totally new business model.

That new model, Vessel, launches Wednesday in a "consumer beta" period, one month after its initial announcement.

Vessel, like IAC's Vimeo, is taking on YouTube's dominance of online video. But rather than just compete for the online advertising revenue and the biggest mass audience, Vessel is going premium, offering a more professional variety of digital video content, for a monthly fee. The website has a fresh user interface, and a specific focus on 14- to 24-year-olds.

"We're not focused on traditional TV, we're not focused on traditional film, but everything else—some of the things that are most popular on the Web today," Vessel CEO Kilar said.