If you’re one of the many people who enjoy watching their favorite show on Hulu via net streaming for free, you may soon find yourself pissed when the service is no longer free.

A report from the New York Post states that Hulu will soon be adopting a authentication model wherein users would have to log in with their cable or satellite TV account number in order to enjoy streaming.  Hulu’s move to adopt the new model, according to some sources, drove  Providence Equity Partners to cash out after five years of partnership with Hulu.

If this is true, this could possibly take a toll on Hulu’s audience, which earned the company $420 million in ad revenue last year.  Also, the issue of piracy takes the spotlight again.  Hulu provides online streaming of legal content, but if may soon require a cable or satellite TV account number, to ensure that you’re a paying customer, then people may lean towards pirated content.

“Restricting access to legal content will only drive consumers to find illegal content. In particular, we are concerned about restricting access to TV programming available over free over-the-air broadcasting,” said Public Knowledge CEO Gigi B. Sohn.

“It should be available online, regardless whether anyone subscribes to cable or satellite TV. By putting more restrictions on consumer access to popular content, the entertainment industry only removes any justification for stronger ‘anti-piracy’ laws it is perpetually seeking from Congress.”

Hulu is not the only thinking of adopting a new model.  NewsCorp.-owned Fox is said to begin talks with Comcast for a TV Everywhere deal with the same authentication model, which Comcast is expected to implement for the Summer Olympics 2012.

Money is a big deal and subscriptions require money.  Remember last year when Netflix hiked their price and lost countless unhappy customers?  They ended up bringing back their DVD rental only subscription for $7.99 to appease the angry mob.

And if Hulu abandons this free model, YouTube would be very happy to take on any lost viewers.  The Google-owned video streaming service keeps adding more channels in the hopes of making people stay longer watching videos and attract more advertisers.

YouTube is launching channels focused on female dramas and US Olympic athletes to add to their original programming.  WIGS, the drama-focused channel dedicated to women, will be launched by filmmakers Jon Avnet and Rodrigo Garcia while the TeamUSA channel will feature content ahead of the 2012 Summer Olympics.  The  Tribeca Film Festival is also said to be launching their own channel.

In other online video streaming news, Synacor, Inc., provider of the leading technology platform enabling cable, satellite, telecom and consumer electronics companies to authenticate their consumers and deliver digital entertainment, TV Everywhere and online services, announced their agreement with MetroCast Communications, the video, Internet and phone provider serving customers in nine states, to provide MetroCast customers access to a new consumer-facing website, MetroCast.net, that offers services, content and news from a central, customizable hub.

“MetroCast is a natural TV Everywhere partner for Synacor. MetroCast knows ultimately TV Everywhere is about subscribers having an enjoyable and easy experience watching their favorite shows whenever and wherever they want,” said Michael Bishara, Synacor VP and General Manager of TV Everywhere. “By working with Synacor, MetroCast will be able to seamlessly deliver the content their subscribers demand across multiple devices anytime and anywhere.”