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Hulu Plus Doubles Subscribers to 3 Million

Revenue up more than 65 percent to $695 million

Hulu Plus more than doubled the number of subscribers who pay for access to its premium content in 2012. The streaming service now numbers 3 million paid subscribers, Hulu CEO Jason Kilar announced in a blog post Monday.

HuluThat's a far cry from the nearly 30 million subscribers the company's main rival Netflix attracts, but it is a sign that Hulu is moving in the right direction. Because the company had not released its numbers publicly for months, some analysts had privately speculated that its growth had stalled. Hulu's paid-subscription service launched in 2010.

In addition, revenue at Hulu grew over 65 percent in 2012 to close the year at $695 million.

"When it comes to building things that matter, most entrepreneurs hope to have the good timing and the good fortune to find and ride (and ideally shape) one massive wave," Kilar wrote. "At Hulu, we are doubly fortunate in that we are at the crest of two massive waves that we believe will persist for the long term: the rise of online video advertising and the rise of online video subscription services."

HuluAlso read: Netflix's 'Lilyhammer' and Hulu's 'Battleground' Rely Too Heavily on Tried and True

Like Netflix, Hulu has also gotten into the original content game — launching documentary shows with the likes of "Super Size Me" director Morgan Spurlock and the campaign dramedy "Battleground." In 2012, the company said it invested $500 million in content.

Kilar wrote that Hulu now has 430 content partners, producing 50,000 hours of video on Hulu and Hulu Plus.

However, advertising, not subscriber numbers remains the major driver behind Hulu's revenue, and here too the company said it is expanding. In 2012, Kilar wrote the company attracted some 1,000 advertisers, a 28 percent uptick from last year.