Hulu is testing the waters for an IPO , hoping to get a valuation of $2 billion, according to the New York Times. A Hulu IPO would be a pure play on the transition of TV to the Web. While the company has not yet filed with the SEC, in the past it claimed to have 2009 revenues of $100 million , and is perhaps on track to double that this year. It is not clear how profitable Hulu can be, or how viable its long-term survival will be. Hulu already has to fork over as much as half or more of its advertising revenues to its TV network partners/backers (Fox, NBC, and ABC). But it is not a complete experience. You can't watch CBS shows on Hulu, and earlier this year Viacom decided to pull its most popular shows from Comedy Central . And NBC's new owner Comcast has its own plans for streaming TV on the Web. It is not clea r how long it will continue to support Hulu. Until we see it's actual SEC filing with audited financials, investors won't be able to make an informed decision one way or another. Maybe I'll be blown away by the numbers and they will change my mind. But from what I know right now, I'd say Hulu still has some proving to do.