Is video startup Hulu ready for its close-up on the iPhone?

A Hulu video-streaming app for the Apple (NASDAQ: AAPL) iPhone and iPod touch that support both Wi-Fi and 3G connectivity may be in the works for release at the Apple App Store this summer, according to a Silicon Alley Insider report.

If true, the rumors could serve as an even stronger validation for Hulu, which continues expanding and mounting a growing challenge to market leader YouTube, despite some recent challenges.

The advertiser-supported site, launched in March 2008, offers full-length television episodes and feature films from co-founders NBC Universal and Fox as well as cable networks Comedy Central, USA, Bravo FX, Sundance, E!, G4, Versus and Oxygen. Shows typically appear on the site the day after their primetime premiere.

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