Joel and Ethan Coen, makers of Raising Arizona and The Big Lebowski, are the first talent lined up to produce shorts for 60Frames Entertainment, according to Mediaweek.

The publication reports that 60Frames will finance Internet video productions from established talent, then distribute clips through a series of outlets, including peer-to-peer networks, Web portals and emerging channels like mobile. Meanwhile, Spot Runner will sell ads tied to the content.

"There hasn't been enough high-quality consistent inventory for advertisers to move their budgets online," said former UTA exec Brent Weinstein, who will serve as CEO of 60Frames, in the article. "There's this big gap that artists want to fill." The article goes on to point out how exclusive online productions have had a shaky start over the past couple of years.

We're huge proponents, but mindful of the fact that just because a movie plays online or on a two-inch cellphone screen, it doesn't mean the production budget is much smaller. In fact, it can cost almost the same amount as a full-blown TV show or movie. The size and resolution of the finished "print" or "video file" has little to do with whether or not a show is worth watching.

Think about it: if you were a studio executive, would you target your next $10 million production for the random two percent of the market that watches full-length shows on their cellphones, or target it for everyone on regular television? Hopefully, 60Frames will change the status quo.

Hollywood Heavies Crash Video Party [Mediaweek]