Sure YouTube's awesome for finding videos of, well, just about anything. But until today the site wasn't doing much to augment revenues, which is kind of a big deal considering that Google plunked down a whopping $1.65 billion for the company in 2006.

Enter The YouTube Screening Room, which promotes four short independent films every other Friday. While on its face that doesn't sound terribly interesting, these aren't just flicks made by amateurs or kids with hand-helds. Most of the movies played at international film festivals and star actors you've probably heard of. Viewers watch the films within YouTube's high-quality player, and because their YouTube debuts are sanctioned, viewers can leave comments for the filmmakers. The shorts are then linked to sites where you can purchase the film. While there is advertising, the filmmakers share the revenues.

What's especially cool about this newest YouTube feature is that it reflects their attempt to try to find unique ways to monetize their site, rather than just bombarding users with ads everywhere (hello, MySpace!). Users who watch the films will automatically get a dose of advertising, and the shorts should be interesting and cool enough that viewers will return for more. Of course, YouTube's still not offering complete TV shows like Hulu, nor will there be major full-length films, as the Washington Post notes, but it's a step beyond the 10 minute and under clips it currently hosts—and it may be a move toward greater profits.