According to Hulu CEO Jason Kilar’s blog, which he posted yesterday, the online video venture is on tempo to exceed 1 million Hulu Plus subscribers and hit other 2011 targets as well. The joint venture of Walt Disney, News Corp. and NBC Universal approach $500 million in revenue this year. “To our knowledge, this is the fastest start of any online video subscription service,” wrote Kilar.

Kilar went on to say that the content community will earn about $300 million via Hulu over the course of 2011. “As a young company, we’re excited about that number and we also expect it to grow aggressively in the years to come,” he said.

Kilar also said that the venture’s revenue grew approximately 90 percent in the first quarter of the year over the same period a year earlier. He didn’t offer an exact figure.

The company celebrated its third anniversary last month and served 289 advertisers in the opening quarter of 2011, up about 50 percent from the 194 in the year-ago period. Users initiated 10 percent more streams in the latest quarter than in the closing quarter of 2010.

Kilar explains the reason for his update, “Given the ongoing discussion around the evolution of premium content distribution – and Hulu’s role in it – we thought it would be worthwhile to share some of our progress from the first 90 days of 2011,”

In the Monday blog, Kilar also said that Hulu grew the number of content partners to Hulu Plus and Hulu to 264 in the first quarter, up from 211 in the year-ago period, with latest additions including brands from Viacom, such as MTV and Comedy Central.

Kilar ended his blog saying “It is still very early days for online video and our biggest opportunities/challenges are clearly still in front of us. We’re thankful for — and humbled by — the response we’ve received these past 90 days from our users, advertisers, and content partners.”