Hulu recently announced that of its 38 million monthly visitors, 2 million are now paying Hulu Plus subscribers, indicating a 5% conversion rate for the online TV and video site.Those subscribers translate to approximately $192 million in subscription revenues, which is only a partial amount of gross revenues given that the site boasts a robust advertising revenue stream. After expenses, the company claims to have netted $420,000 in total revenues.These are impressive numbers for the site, which seems to be competing in recent months with YouTube (there was even some speculation that Google — YouTube’s parent company — was looking to buy Hulu). Both sites are seeking to augment their original programming, with Hulu stating it wants to be the first true Internet-based premium television network. Yet Hulu seems more poised for success given its partnership with professional content producers (i.e., its owners NBCUniversal/Comcast, Fox/News Corp., and ABC/Disney). In fact, the site is already pitching advertisers for its upcoming crop of original shows.