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Hulu doubles revenue to $240 million in 2010

Despite a rocky start for Hulu Plus, CEO Jason Kilar is very happy where Hulu is headed. The flash video site is set to bring in $240 million in 2010, doubling its revenue from 2009. Reuters reports that Hulu had 30 million viewers last month and is the second most popular video site on the web; YouTube is still number one. Hulu’s most popular content is broadcast television shows from NBC, ABC, and Fox, who each own a portion of the streaming site. Glee, The Office, House MD, Modern Family, and other shows are available for free on Hulu a day to two weeks after airing on television.

All of the top 25 U.S. advertisers air commercials on Hulu, said Kilar on Wednesday. More than 260 million streams were watched, filled with 800 million ad streams. The CEO made a point to highlight Nielsen research showing that ads on Hulu are 55 percent more effective than the same ads on traditional television.

Rumors continue to point toward a Hulu IPO in the near future. Though the site will not comment on the rumors, showing that sales have jumped from $108 million to $240 million in a year certainly shows that Kilar isn’t ruling it out. Hulu is actively pushing its Hulu Plus subscription app out to Roku boxes, Sony Bravia TVs, Tivo, Xbox 360, and updating its PS3 app–all familiar territory for Netflix, Hulu’s chief rival. An initial public offering could net the company millions it needs to secure content to compete with the movie streaming service.