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Report: YouTube to make 'big announcement' Wednesday

YouTube is supposed to make a major announcement, according to the blog TechCrunch. Will it be high definition, live streaming, or perhaps profits?

Is YouTube rolling out high definition, live streaming, or perhaps the company will announce profits?

By far the Web's favorite video destination, YouTube is making a big announcement Wednesday morning, according to a report on the blog TechCrunch. If correct, then tomorrow stands to be a big day for online video.

Hulu, the Web site created by NBC Universal and Rupert Murdoch's News Corp, is scheduled to open its doors on the same day. The site is due to debut with a long list of feature films, TV shows, and sporting events.

A YouTube representative could not be reached for comment.

I don't know what's coming but here's what I would like to see: YouTube cut its own long-form video deals. Why couldn't the Web's No. 1 video site also forge partnerships with movie studios and TV networks?

Or have all those unauthorized copyright videos posted to YouTube by users over the years undermined the chances for the company to land these kinds of agreements?

For the right money, anything can be accomplished. And YouTube's humongous audience has to be attractive to any media conglomerate.

Whatever YouTube announces, let's hope that better-looking video is part of the deal. A score of sites are already offering high-quality video.