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The WB network could never really seem to catch a break. The fledgling TV network began broadcasting in 1995, only to eventually close up shop in 2006, and their nine-year TV experiment contained many notable failures, and relatively few successful programs to bring in the all-important advertising revenue.

But the New York Times is reporting that the WB is about to return; but this time as a web site. The WB site will feature online streaming video of new original programming and classic shows from the Warner Bros. vault. Additionally, Warner Bros. is launching KidsWB.com, a complementary web site aimed at the younger demographic.

The new WB online network, called TheWB.com, is an interesting experiment, with the company seeking to create a profitable outlet for their original content via the Internet. The WB site hopes to take advantage of the emerging trend of watching programs on the computer, something that is especially popular with the younger generation.

The network will use an ad sponsored revenue model to support free episodes of shows such as Buffy the Vampire Slayer and The Gilmore Girls. In addition, episodes of other programs owned by Warner productions will also be streamed online, including “Friends” and “The OC.”

But the new online network won’t just focus on Warner Bros’ “greatest hits.” The site is also planning several new programs that are made specifically for the web site. With Fox, HBO and most other networks rushing to develop online content, the new WB site will have plenty of competition. And let’s not forget the free-for-all video popularity of YouTube, which is still the most watched video-related site online.

The WB web site will have to work hard to win over viewers that are used to short-form video comedies and other programming online. In addition, major networks like ABC are streaming episodes of their most popular programs online; not to mention NBC Universal, which has recently launched Hulu, and advertising-funded free video site that is gaining market share online quickly.

Whether the WB web site can succeed where the TV network failed we’ll have to wait and see. But it is clear that Warner Bros. is jumping into the online video race a bit late in the day. With so many other sites well-established online, simply garnering a loyal viewership could prove tricky.

At the end of the day though, it all comes down to the quality of the programming. If the WB site can produce content viewers want to see, it certainly stands a good chance of competing online. But if they’re simply rehashing episodes of 90s WB shows like Buffy the Vampire Slayer, they will likely find it difficult to attract a sizable audience. Whether online or off, viewers want new, original programming. If they can provide that, the WB online may just stand a chance.