"American Idol" mastermind Simon Fuller is launching a new star-making project that will chart the rise of five young people in the entertainment industry.

The series, "If I Can Dream," will exist primarily online -- at least at first.

"Dream" will chronicle five young people with Hollywood aspirations – a musician, an actor, two actresses and a model -- as they leave their hometowns and live together in a house in the Hollywood Hills. Their journey will be streamed live around-the-clock at ificandream.com.

Viewers can interact with the performers via social media devices like Twitter and Facebook as and potentially influence the trajectory of the show. Performers can test ideas and rehearse in front of fans online, gaining instant feedback about their performance.

“I am determined to continue challenging convention and pushing the boundaries of mainstream entertainment," Fuller said. "The next frontier is the video world of authentic real-time interaction. It is time the public got to see the truth behind what it takes to launch the careers of young artists who have a dream that one day on pure merit they can be professional entertainers and gain the recognition they crave. This is the dawning of a new age.”

"If I Can Dream" launches across multiple platforms including online, mobile and radio in early 2010. Fuller's 19 Entertainment production company is partnering with Hulu, Clear Channel and MySpace to distribute the series. Pepsi and Ford are signed as sponsors and producers plan to shop "Dream" to TV networks after it's up and running.

The show is conceived as an ongoing event that's not strictly tied to its first crop of participants -- if a cast member is dropped or quits, a new performer will be chosen by the public for the show via an open audition process.