MC Hammer will probably always be remembered for his parachute pants, corny music videos (See below) and perhaps his most amazing accomplishment of all: turning a fortune of more than $30 million into a bankruptcy filing with his penchant for reckless spending.

But now Hammer is looking to remembered as something else: the co-founder and chief strategy officer (Whatever that is...) of DanceJam.com,

According to the Associated Press, "The Web site, scheduled to debut in mid-January, will try to upstage YouTube and become the Internet's hub for sharing and watching dance videos. DanceJam then hopes to make money by grabbing a piece of the rapidly growing Internet advertising market, which is expected to rake in $27.5 billion in 2008, according to eMarketer."

The site has already scored $1 million in start-up funds and, while any web start-up is a long-shot, I wouldn't count Hammer out. He's been rejected by hardcore hip-hop fans for being too commercial but that's indicative of his greatest talent: Hammer knows how to create a product that's enticing to the demographics "industry insiders" have already written off. In the early 90's, that was suburban youth who few thought would be interested in buying anything resembling a rap album.

Luring web travelers away from YouTube will be tough but Hammer has overcome the odds before.

Is MC Hammer the next Web 2.0 hotshot? originally appeared on BloggingStocks on Tue, 01 Jan 2008 17:03:00 EST. Please see our terms for use of feeds.