On Thursday Hulu CEO Jason Kilar revealed the online video service will reach revenues of $240 million in 2010. That’s a huge increase from 2009 revenue of $108 million, which he also disclosed at GigaOm’s NewTeeVee conference, and shows an ad-supported business has potential.

Some stats offered by Kilar:
-- Hulu had 30 million users in October 2010.
-- Hulu users watched about 260 million streams and 800 million ad streams during October 2010.
-- The company’s leading revenue source is advertising. Hulu Plus charges $10 a month for deeper access to the service’s video catalog, but even that has advertisements.

While these numbers are great for a service that was routinely derided when the venture was announced in 2007, they don’t prove that Hulu has long-term viability. It’s not like Kilar said Hulu had reached profitability. But it does have strong revenue growth, interest from advertisers and a good number of viewers.

Hulu is a joint venture of NBC Universal, Fox Entertainment Group and ABC Inc. with additional funding by Providence Equity Partners.