We’re hearing lots of interesting news coming out of the annual SXSW show in Texas, but one in particular today has us rather interested. That being details regarding YouTube Co-founder Chad Hurley building and set to launch a new video platform and service that will potentially rival YouTube. Plenty have tried and failed, but he could have what it takes.

Chad Hurley who Co-founded YouTube, later left Google back in 2010, and since has been working on something else. According to Adweek that something else is a rival platform to take on YouTube. Hurley revealed in an interview with Google Ventures partner Kevin Rose that if SXSW was only a month later, he’d be announcing something major and even showing it off.

Hurley went on to say his new video streaming and sharing service is about a month away from launching, and he says the service will “give flexibility for people to work together and create content.” It sounds like it will be an entire platform, and is coming extremely soon.

Interestingly enough, Chad Hurley also mentioned that they have no intentions of taking YouTube head on, or trying to kill it. “There’s always going to be a place for YouTube” and he states they aren’t setting up to “kill” YouTube or anything of that sort. Instead, their rival service will be better suited for collaboration purposes. I guess we won’t be seeing too many cat and Harlem Shake videos from Hurley and company.

Hurley then goes on to talk about Google acquiring his video service over 6 years ago for $1.65 billion dollars, negotiations with Eric Schmidt and Sergey Brin in a Denny’s restaurant, and much more. Pretty interesting. We’d love to see what he’s been working on.

[via SlashGear]