Posted July 16, 2007 11:08 am by with 3 comments

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Sony Pictures Entertainment has decided that its $65 million investment in video site Grouper shouldn’t be wasted on a futile attempt to compete with YouTube. Instead, the company has re-named the site Crackle and will use it to fund short online videos by aspiring filmmakers, according to the NYT.

Realizing that user-generated video doesn’t attract big-spending advertisers, Sony decided to provide cash payments to some video produces – ranging from a few thousand to more than $10k per video.

Sony is looking to make Crackle the center of a new generation of young filmmakers, holding out the hope of possible stardom in productions from Sony?s movie and television studios. The makers of the best videos each quarter will win trips to Los Angeles, where they can promote their ideas to Sony executives.

?The reason people work with us is we provide a pathway to Hollywood,? Mr. Feltzer said.

Though Sony is hoping that people will come to its site to view the Crackle videos, it has arranged for them to be distributed as well on AOL, MySpace, Facebook and several other social networks.

Before you head over to Crackle to upload the video you have of you Granny taking her teach out, be warned. Not everyone will get paid for their video content.

People who submit unsolicited videos will not be paid, but they can try to submit ideas to get financing from Crackle for future projects.