PluggedIn, a startup that we likened to a Hulu for music videos, has launched a new twice-weekly video program called “PluggedIn 5″ featuring popular video blogger iJustine. The site, whose investors include actor Will Smith, is looking to capitalize on the lack of music content on television channels like MTV and will be presenting a handful of music videos based on a weekly theme alongside originally produced content.

PluggedIn has a large library of music videos secured through deals with the major record labels, many of which are presented in HD or near-HD quality that is much better than what can be seen on YouTube and most other music sites. While PluggedIn launched to the public last April, co-founder Brett O’Brien says that the last six months have primarily been spent on perfecting the site, and that the company is only now beginning to focus on generating traffic and awareness.