Google is expected to revamp the Youtube video sharing website by offering professional Hollywood content organized in channels, in an effort to attract TV viewers and take a bite out of the US television advertising market.

Citing people familiar with the matter, the Wall Street Journal reported that Youtube will start offering "channels" to compete with broadcast and cable TV. The YouTube homepage will highlight different channels focused on topics like arts and sports, original programming produced professionally each week as well as channels that will offer content already available on the site.

The launch will be phased over time starting before the end of the year, the paper added.

YouTube is trying to capitalize its growing popularity and further boost traffic to the site and take a bite out of the US television advertising market.