Dive summary: 

• YouTube co-founder Chad Hurley revealed his plans to launch a video based product that will create some competition for YouTube. 
• Though he hasn't revealed much yet, the product is meant to make it easier for collaboration in creating video content. 
• Hurley made clear the intention is not to "kill" YouTube, but to simple create a better platform for collaborating that YouTube lacks. 

From the article: 

"'I wish [South by Southwest] was a month later because I could unveil the new product,' Hurley said during a Q&A with Digg founder and Google Ventures partner Kevin Rose on Saturday afternoon. Without going into too much detail, he said the product is 'primarily video-based...and gives flexibility for people to work together and create content.'"