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Nah. Taking on Youtube simply isn’t possible by starting small, it would mean a competitor couldn’t offer what Youtube can – large audiences, big ad paychecks, and lots of bandwidth.
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I think it really depends on how many big names you can coax over out of goodwill. As Wil said, there are plenty of creators ready to jump ship.
Speaking of which, Twitch.tv has bagged a few exclusives; maybe they could evolve into a competitor.