If you are one such individual, who loves spending time on the Internet, this will certainly come as a bad-sad news for some of you. Introduced by the company who owns the most powerful Internet search engine, Google, the one of its kind and your favorite video sharing website YouTube may face some ’serious’ problems in the days to come.

YouTube, the pioneer and undisputed leader of online videos till now, has to prepare itself to face a tough competition in the near future, as two media giants are joining hands and forming a new collaboration. Under this, they are going to launch a new video sharing website which will end the monopoly of YouTube.

This yet to be named project is a tie-up between NBC Universal, the huge media unit of General Electric (GE) and Rupert Mudroch’s News Corporation. Sony and other big players will soon join the NBC-News Corp. joint venture. This company will then, not only provide a vast library of video content, but will also jump in to the formation of an equally staggering distribution alliance.

The videos on this unnamed website will not only be featured on this particular site alone, but surfers who frequently hit one of the three biggest web portals - Yahoo!, AOL and MSN, will also be able to enjoy that content on these websites as well. Moreover, this available content will be 100 percent legal.

Of greater concern to YouTube, is the evidence that NBC-News Corp. realize that they must not try to trap viewers of specific web sites, but rather let them watch videos on the sites where they spend most of the time.

Not only this, people will also be able to upload their video clips on their MySpace pages. Along with this, bloggers will be able to embed videos on their personal diaries. Just like they do it on YouTube, users will also be able to discuss and annotate the clips and films with their own gossip, thus being social.

Here also, as per the content all the videos will have a certain rating so that the audience is in control. The main and probably the only difference between YouTube and this brand new venture will be that the content available here will be entirely and uncontroversially legal. The Advertising revenues will also be in full control of the content owners.

Once this new website is launched, there will be a certain revolution among the big players in the market who are now facing the problems related to the copyright laws and piracy of the content owned.

For the first time, all the media companies will get a chance to spill their best content on to the web. This is in contrast to the situation on YouTube today. All this points to a clear trend and it should be like this only.

While YouTube is in existence for quite some time now, and is doing good in the market among the web users, almost all the new and old media companies are feeling worried and exploited by the number of hits it is getting by the users in a single day. They are now trying to get their turn to express their unfriendliness, loathe, sue or gang up on Google (the principal company) and its subsidiary, YouTube.

Viacom has already taken and action in this matter by suing Google for $1 billion for alleging them of copyright theft. It is also joining hands with a new and innovative television company, Joost to make their videos available online, legally.

On the other hand, Walt Disney is allied with Apple and iTunes store to provide their videos to protect their copyright laws. Just for the information here, let me tell you that iTunes, besides being music store is also a video retailer.

With a lot of competitors joining the bandwagon of online videos very soon, it is really going to be a tough time ahead for YouTube. But being the pioneers in this field, YouTube will certainly have a upper hand among the new players.