Analysts are stumped: Hulu, co-owned by The Walt Disney Co., NBC Universal and News Corp., has seen the number of hours spent viewing video on its site fall sharply in 2012, including a 58% drop to 65 million hours viewed in August, according to Wedbush Securities and comScore data, reports Home Media. Nieslen reported that Hulu — excluding Hulu Plus, the SVOD service with more than 2 million subscribers — saw unique monthly visitors decline to 12 million in August from 19 million last December. True, its ad-supported streaming video business model has also spawned competition.