If I Can Dream now live, follows five people who dreamed of being watched 24/7 online

Idol creator Simon Fuller’s latest series, If I Can Dream, starts today, but it’s only online, both in edited episodes and 24/7 streaming. It follows five people who live in Hollywood and are pursuing their dreams to be famous, followed on social networking, and watched 24/7 by cameras. Or, you know, become performers of some kind.

They’re moving into their house right now (7 p.m. ET), and you can select which room in the house to watch live, using an impressively slick interface that has much clearer video than Big Brother offers (and as a bonus, there are no challenges involving, say, ejaculating spider webs, either).

You can also follow them via the requisite social network sites. In the future, viewers can audition to move to Hollywood and have their lives taped—oh, and pursue their dreams.

Episodes will be on Hulu, and this is the first one, which is titled “The Journey to Hollywood Special” (hmm, that sounds familiar):

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