Chad Hurley, co-founder of YouTube has apparently indicated his plans to launch a rival video service this year.

The online video space isn't exactly short of competitors - the likes of Vimeo and DailyMotion snap at YouTube's heels, not to mention Hulu over there in Americaland.

But one of the original founders was speaking at the South By Southwest (SXSW) conference and pretty much confirmed he has a rival on the way.

"I wish [South by Southwest] was a month later because I could unveil a new product," Hurley said at the conference. The product is, apparently "primarily video-based... and gives flexibility for people to work together and create content."

When he was asked whether his intention was to take on his former creation (which was sold to Google back in 2006), Hurley said: "We're not setting up to [kill YouTube] now."

There was no word beyond the casual "next month" as to when we might see this new site launch. It'll certainly have its work cut out to displace YouTube from the top of the heap - 72 hours of video are uploaded to the site every day.

Of course, if you want to see some real quality, check out T3's YouTube channel.

Source: AdWeek