Great idea, I just have one question, how will you make money? You have a great idea which I could use, and I'd hate to see it go away...

As an English teacher (9 years experience) from an IT background (25 odd years, but not all of it active), here are a couple of ideas I thought you might like to look at:

1: Hook it up to a lesson planning system. I use videos a lot in my classes, and also try to set them for homework. Currently I use TED.com, as their older videos have full text transcripts available (the feature where you can click on a word and it takes you directly to the point in the video they say it is priceless), as well as subtitles in various languages. Think of a way a teacher could set up a simple worksheet (PDF or online) for students to use with the video. This worksheet could include pre-watching questions, including pre-teaching of difficult language that may come up in the video, and then some language activities to do after watching to reinforce anything they learn. Bonus points if you could hook this into an online learning platform such as moodle so that it would integrate with a language course. Set up social sharing in two areas, one for teachers to share lesson ideas based on vids, and one for students watching the vids and you basically could make your own video learning platform. English teachers have no money and are pretty badly paid, (I make my extra cash consulting, but I just love teaching) so you can't target teachers directly, but, make it free for individuals, build evangelists among them, then target schools and universities with extra features such as participation reporting, gradebooks, enhanced cryptographic security (the EU has pretty tough Data protection laws), institution branding and so on.

2: Integrate it with Hulu or Netflix, and make it a value add for both sides. Hulu or Netflix can add an extra "learn with us" feature, and people could choose to add it to certain shows either on an episode by episode basis or for whole seasons. Again add options for social integration, and, if you do point 1 from above, have 'featured' teachers who make lessons based on your platform and also get a cut of the pie. Conversely you could speak to rights holders and negotiate with them directly (e.g. I see a lot of people on this thread talking about "Friends", so more popular shows could garner higher rates for learning from them)

3: Building on points 1 and 2 above: segment your market - shows with legal or business vocabulary could charge more. Military shows (band of brothers etc) could be marketed to NATO etc, etc. Along with social you could integrate gamification, which I think would work well in this kind of situation, with the added benefit that you could work with language examining bodies to match your 'badges' with real world targets of language learning. Although good luck working with those arrogant assholes from Cambridge :)

4: No clear money with this idea, this is just for cool factor- do something similar to hiphop genius and crowd source language interpretations and meanings. They figured out how to get funding, so can you. (This actually would be really cool, as I can see linguists arguing with people who actually use the language :)

So I am an 'idea guy' and this doesn't fly on HN. But this time I feel that I finally have enough domain expertise to comment, and I am actually trying to implement some of these ideas at the moment, I just don't have the tech chops (or hardware to be honest) to deal with working with video on this scale. But I am working on language points (I have an idea about your 'secret sauce', but don't worry, your secret is safe with me Batman ;) as I am in the midst of running an online language course for an EU project at the moment and creating all the materials from scratch, by hand, and it is a pain!

I would love to chat with you guys if you are serious about making money from this, my email is in my profile (it's basically my HN username @ gmail). Meanwhile, I have over a hundred students who I need to email with a link to your site and I need to figure out how I can integrate your work with my axe (I mean my teaching :)