While television still rakes in billions, executives are getting nervous. What should be done about upstarts like Google (NASDAQ: GOOG)'s YouTube?

Well, in the case of CBS, the company is trying some experimentation. Its latest venture is called "EyeLab," according to a piece in the Wall Street Journal (subscription required)

CBS thinks that small videos and montages are the best approach for the Web. So, with EyeLab, CBS will create new content as well as splice in existing clips to develop cool videos. What's more, the video clips can also be effective vehicles to promote television shows, such as CSI and NUMB3RS.

To get some perspective on things, I talked to Chase Norlin, who operates Pixsy, which is an online video platform. According to him:

"This represents a step in the right direction but ultimately two more powerful forces will likely push CBS to tighten their strategy: 1) Getting short video content online doesn't equal audience. Consumers want access to everything in one place, which points to the success of YouTube; 2) The emerging trend of semipro and pro content created specifically for the web is going to be bigger than people realize. Efforts like Deca.TV, Vuguru, and others have the potential to grow rapidly if they can create breakout hits at low cost."

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.