News corp is looking to lead the efforts to find a YouTube killer. News Corp. is forging ahead on talks with a number of congloms to create a video platform that could compete with YouTube.”We’re in very active negotiations with all of the media companies to create the most robust video offering from professional content on the Web,” Fox Interactive Media topper Peter Levinsohn told investors.
I am very skeptical. Trying to compete with a product that day after day continues to get more critical mass is very difficult. If I was News Corp I am not sure that I would deploy a frontal attack as my competitive strategy against YouTube.
Silicon Valley Technology Blog - John Furrier 
This is a little like the recent announcement by Reuters CEO to make a rival to MySpace rumored internally called “MyReuters” for now at least. The idea being that financial traders and analysts share their research and observations with each other. They intend limiting access, however, to Reuters subscribers only. That suggests to me that these people fundamentally don’t understand Web 2.0 and what makes a site like MySpace and YouTube valuable.
If a Bloomberg subscriber or a person with useful investment insight who is not an active trader has a contribution, they cannot provide it for lack of access.
The people who make these decisions aren’t stupid, but they are full of hubris and tend to believe that they are much “busier” than they are (or need to be). They probably don’t spend any real quality time on the rival’s service to understand what makes it great and what its limitations are.
Dr Duke,
Great point. Web 2.0 is about fully integrated communications from professionals *and* anyone who wants access. Putting information online is easy getting quality is hard. We will see new filters emerge as well as new brands. Old brands need to canabalize their own business to dominate the new business emerging.