Hulu, a major online video service, may be  the next online cable company.

That’s the scuttlebutt according to the Wall Street Journal.  People close to the company are saying that Hulu owners, NBC Universal, News Corp. and Walt Disney Co, are pondering options for a more sustainable business model.

Fox Broadcasting owner News Corp. and ABC owner  from Disney are thinking about pulling some of their free content and giving it to rivals like Netflix and Apple.  So now, Hulu  may need to make a radical change. As an online cable operator, Hulu would bundle channels and video-on-demand, similar to current cable and satellite companies, and send them over the Internet to subscribers.

Hulu may be on to something with this change. According to research firm SNL Kagan, last year was the first time fewer families paid for cable, satellite or phone services. If these families are looking for Internet options, then Hulu’s new model could be what they need and want. Though one wonders what type of “bundles” Hulu would offer and competitively priced they would be compared to traditional services.

People want convenience and savings. If Hulu can price it’s bundles right and offer convenience they might be the next big cable company.

Would you subscribe to Hulu if the price was right?