PluggedIn Media is betting on the latter, and on April 16th launched a beta of its new entertainment Web site – PluggedIn.com – featuring 10,000 high-definition, broadcast-quality music videos from three of the four major labels plus indie imprints.

Along with all the free videos, the ad-driven Web site is also grabbing headlines for the business company it keeps. On launch day, PluggedIn announced a strategic partnership with entertainment and artist management company Overbrook Entertainment, which counts actor / rapper Will Smith among its principals.

While video appears to be the main deal at PluggedIn.com, there’s an underlying feeling that the site might be aiming to impact the ever-growing social-networking Internet trend. In fact, the site’s own FAQ describes PluggedIn.com as “a place where [fans] can meet and interact with each other …”

What does PluggedIn.com have to offer? Music videos are the main attraction, and the company has licensed vids from Sony BMG, Universal Music Group and EMI as well as indies. Along with all those vids, the site also has artist profiles along with links for merch and concert tickets.

But music videos may not be the only entertainment content offered by PluggedIn. The company is considering other kinds of entertainment, a move that could place it in direct competition against other sites featuring professional videos, reports the Wall Street Journal.

But the professional videos on PluggedIn, while definitely a plus, might not be enough to entice the YouTube crowd to switch sites. Aside from the off-the-wall vids of people lip-syncing to their favorite songs, or playing “Stairway to Heaven” on kazoos, YouTube is also filled with bootleg concert performances, often shot with video-enabled cell phones. That, plus the countless, often unlicensed, TV and video clips from years past, makes YouTube an unofficial depository of virtually every performance ever filmed or videotaped. That’s a tough inventory to beat. Even when you’re touting high-def, state-of-the-art Web delivery.

“Until now, watching HD or even broadcast quality music videos on the Web has been nearly impossible,” PluggedIn CEO Jeff Somers said.

“Today we’re announcing a major step forward in the way that fans can connect with the high quality content and artists that matter most to them. We’re focused on building a unique experience for fans – a place where they can meet and interact with each other, and where they can enjoy, discover and share premium quality video content.”