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Hulu Announces 60% Revenue Growth in 2011

Despite stiff competition from HBO Go, Netflix and all those cable networks upon which it relies for its content, the company has still seen a considerable growth in revenue, Hulu announced proudly.

On its official Hulu blog, CEO Jason Kilar, revealed that in 2011 the video streaming site made around $420 million in revenue, which is up 60 percent from 2010.

The post also disclosed that Hulu Plus has 1.5 million subscribers paying for its services, and the current rate of new sign-ups is twice as fast as one year ago. The CEO expects that over half of its total revenue for 2012 will be earned by Hulu Plus.

The chief executive additionally pointed out that the growth in content for Hulu and Hulu plus has been 40 percent and 105 percent respectively.

"Overall the Hulu ad business grew aggressively and Hulu Plus materially exceeded our plan," Kilar stated, Forbes reports.

One of the main reasons behind this huge leap may be the Qwikster debacle from Netflix that caused an estimated 800,000 customers to defect to Hulu; though the company is confident it will still be able to maintain this momentum throughout 2012.

Hulu recently announced its first original scripted show, a new direction which will bring it into direct competition with TV production companies.