This could drive new traffic YouTube's way. The U.S. Hispanic television-viewing audience is growing faster than the general TV audience, according to Nielsen. Hispanic TV homes are expected to increase 2.3 percent for the 2009-2010 season, compared to just 0.3 percent for total U.S. homes.

"Clearly, Univision has established itself as a premier provider of Spanish-language television content here in the U.S.," said Chris Maxcy, head of content partnerships at YouTube. "This deal is a big win for us and marks one of the most comprehensive partnerships for full-length programming signed to date. There is a huge demand to watch Spanish-language content on YouTube."

The Revenue-Sharing Deal

With YouTube's Univision partnership, Maxcy said, the YouTube community in the United States can watch and enjoy programming from Univision's three major networks, which include Univision, TeleFutura and Galavision.

YouTube will update its content to include relevant Univision offerings as well as an extensive archive of library programs. In addition to top Univision shows, users will have access to Univision.com videos across key content categories, as well as unique footage from Univision celebrity interviews and special events, such as next year's "Premio Lo Nuestro a la Música Latina" (Lo Nuestro Latin Music Awards).

Univision will also be using YouTube's leading Content ID technology to more effectively track user engagement and monetize Univision content uploaded by YouTube users. Univision will create new display ads for YouTube and offer advertisers one more opportunity to reach U.S. Hispanic audiences.

"This is a very exciting milestone, as it represents the first time that any Univision programming is available on the web outside our own properties in both a short- and long-form format," said Kevin Conroy, president of Univision Interactive Media. "This partnership uniquely extends our reach to our audience and solidifies our position as the leading Spanish-language video provider for U.S. Hispanics with unparalleled programming in all respects."

YouTube's New Market

Brad Shimmin, an analyst at Current Analysis, is impressed with the deal, which follows earlier YouTube deals with Walt Disney and Time Warner. As Shimmin sees it, YouTube is demonstrating that it is not afraid to enter new arenas in the digital-video market.

Indeed, YouTube is betting on the Hispanic market in its latest revenue-sharing deal. The U.S. Hispanic market is growing by leaps and bounds. According to HispanTelligence, Hispanics make up 15 percent of the U.S. population. That totals 45.5 million Hispanics. What's more, Hispanics are predicted to have $1.1 trillion in spending power by 2012.

"YouTube has forged a number of strategic market-focused partnerships with entertainment companies and record companies. To me, this is no different," Shimmin said. "It's just a different market for YouTube. This broadens YouTube's market. This also shows YouTube's willingness to work with [the] industry and their constituencies to support them."