YouTube Your Film Festival: $500 prize for world’s best storyteller

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Cash strapped?

Well try your luck and join YouTube’s Your Film Festival.

It’s a competition to discover the world’s best storyteller that the world’s leading video sharing site announced today.

Starting February 2, the site is going to open the film festival to everybody who’s over 18 years of age. Film buffs who think that they have a movie somewhere in their closet that is worth for viewing can join. Well, just be sure that you can take all the BS that if your movie is not at par from viewers the world over.

The contest has set rules which include: “ All genres and formats are welcome. Live action short, animation, documentary, Web-series episode, TV pilot-you name it,” and submit it.

But the most important thing is that YouTube demands your video to be story-driven and that it was never shown in public prior to January 1, 2010.

Judges will choose 50 semi-finalists, whose videos will then be voted on by a global audience. The top 10 will have their films showcased at the 2012 Venice Film Festival. A winner will be selected by a jury to be led by world class director Ridley Scott and will have a prize of a $500,000 production grant to work with the latter’s team in creating a new story.

Image screenshot by CNET