Anyone else notice that NBC.com’s traffic has taken a dive since Hulu launched?

I’ll bet the folks that run NBC.com did. In fact, they mention it, but Hulu represents a threat to NBC.com and all network vertical sites. But as we know, a threat is opportunity unspun, which might be why I found last week’s Ad Tech Keynote discussion with NBC’s Chief Digital Officer, George K. so interesting.

If George Kliavkoff, who runs digital strategy for NBC and was the interim CEO of Hulu on the launch team, is bullish enough on Hulu to make it a focus of his keynote discussion with Fortune’s Adam Lashinksy at last week’s Ad Tech, then why are all the NBC broadcast call outs driving traffic to NBC.com?

Maybe it’s because George knows where his bread is buttered and Hulu, despite being a joint venture between NBC and FOX, is on its own in terms of marketing and traffic acquisition. You won’t find any Hulu branding on NBC.com or Fox.com. Go ahead and look, I’ll wait. Remember those fiefdoms we always talk about in terms of big media?
I understand that Hulu is taking a subtle approach to its branding and marketing, but how long a runway do they have and at what point do they fall too far behind the network vertical sites like NBC.com to catch up?

I don’t buy the argument that the models are different because NBC.com is a destination and Hulu is a distribution hub. Hulu, despite its ubiquitous portal partnerships is a destination play for Hulu.com. Don’t let anyone tell you otherwise

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I also don’t buy the argument that on-air call outs don’t drive traffic. Sure, it didn’t work for ask.com and Yahoo, who both spent big on TV commercials to compete with Google for search share, but that’s different. Search is a commoditized, one-application market. You can get by always using Google. You can’t get by only watching one show or type of entertainment content (American Idol be damned).

I’m also not convinced that Hulu’s programming, an amalgam of current shows and library shows, is enough of a convincing content play for the long term. If we expect that the network sites (and the web world at large) can learn from Hulu’s lead, (elegant execution, appealing user experience, a new and more efficient way to serve ads), then what’s going to stop them from cannabalizing Hulu? They can air their own shows and as for the library content, anyone remember AOL’s IN2TV?

Hulu will need to develop original content to remain relevant long term. Ownership of original content and exclusivity windows tied to those rights is how entertainment properties have made fortunes for their studios and despite the disruption of digital distribution, rights management will continue to make or break the business model.

So how long until we start to see Hulu call outs on NBC and Fox broadcast? I hope it’s soon. I’d hate to see this very important bellwethers for premium web content never make it through the next round of cuts because the networks, despite the professed support of Chernin and Zucker, don’t back it with marketing support.