MC Hammer, one of the original rap artists, has a new company called DanceJam. I first met Hammer 7 years ago when I was at Napster. MC Hammer is a music artist, but he is also a businessman. He understood the potential of Napster, and sees another opportunity with dance videos.
DanceJam hasn't launched yet, but Hammer gave me a demo of the site. DanceJam can best be described as YouTube mashed up with American Idol. Users can contribute their own dance videos to the site for others to see and vote on. The DanceJam people set up "Dance Offs" where they put two dance videos up against each other and have the user community vote for a winner. After several rounds of voting they declare a champion.
DanceJam has some serious angel investors. Ron Conway and Mike Arrington have already invested, along with several serial entrepreneurs whose names you would know.
There are some obvious revenue possibilities here. The music companies are interested. Advertisers are interested. Keep an eye on this one. It could be The Next Big Thing in music video.