GigaOM recently reported that it looks like Hulu is looking to open up internationally. And while I think this is a good move in general, in order to make sure this successful as a business strategy Hulu needs to be very careful which international markets they embrace. Since Hulu’s monetization strategy is based upon online advertising revenues, only those markets which will support the video distribution costs Hulu will incur make sense monitarily.

There is much to be said about taking on the UK market where online ad spending has certainly matured. The UK represents the strongest ad market in Europe and online ad spending is one of the largest segments in the UK market. So this would be an obvious place for Hulu to put a stake in the ground internationally.

That said, the majority of other international ad markets are immature particularly when it comes to online. And we can all remember the Friendster lesson that growth online is only truly significant when that growth can be monetized. We’ll have to wait to see how effectively Hulu manages its international growth.