American Idol creator Simon Fuller has announced his next big reality endeavor, If I Can Dream. The innovative program, which will debut online in early 2010, focuses on five young individuals — a musician, an actor, two actresses, and a model — as they share a Hollywood Hills house while trying to break into the entertainment industry. Viewers from around the world will be able to watch the show’s participants live 24/7 at the show’s website, while Hulu will stream a recap episode at the end of each week.

Viewers will also be able to interact with the show’s participants via MySpace, Twitter, Facebook, and texting as the action unfolds in real-time. If a contestant on the show drops out for any reason, a replacement will be cast through an open audition process featured on MySpace.