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(Business 2.0 Magazine) - Wayne's World, it's not. The Web TV series Diggnation draws hundreds of thousands of viewers. It has Fortune 500 corporate sponsors, and its two young stars are among the brightest in the tech firmament. Still, the production values are more in line with Wayne and Garth than they are with, say, The Daily Show ...

"Hello, and welcome to Diggnation, episode No. 80! I'm Kevin Rose!"

"And I'm Alex Albrecht! Diggnation covers some of the hottest user-submitted stories on the social news website Digg.com!!"

And with that lead-in, a packed trade-show audience of more than 700, peering up at the makeshift stage, cheers wildly for the start of the main act: Digg's 30-year-old founder Rose and his spike-haired sidekick Albrecht, slouched on a couch, sipping beers, and staring down at laptops between their knees. A lone videocamera records the action.

"Should we go right into it?" Albrecht asks.

By "it, " he doesn't mean the arrival of some star guest, comedian, or musical act. What we have here is TV by and for geeks - entertainment aimed directly at gadget-loving, commercial-skipping 18- to 34-year-old males who spend more time on the Web than in front of a TV. YouTube, with its 40 million viewers per month, has already proved the mass appeal of video streamed over the Web. But two-minute clips of lip-syncing teenagers are just the start. Full-length serialized shows are popping up everywhere online, with advertisers in tow, led by shows like Diggnation.

For the next 45 minutes, Rose and Albrecht deliver what this crowd can't get enough of: goofy banter and insider riffs on gaming, new software releases, and stupid hardware tricks, culled from the most popular tech stories of the day on Digg - and punctuated from time to time with their enthusiastic plugging of oddball products and sponsors. Albrecht dives in. "So I've been talking about putting Vista on my Falcon Northwest ..."

And off they go. By the end of the taping - held at the recent Macworld show in San Francisco - dozens of tech fanboys rush the stage as the co-hosts toss out bumper stickers and T-shirts. Nearly an hour later, Rose and Albrecht are still posing for cell-phone pictures with fans.

This sort of show would seem painfully banal to millions, yet it constitutes prime-time-worthy entertainment for one of Madison Avenue's hottest target audiences. Just a year and a half out of the gate, Diggnation draws about 250, 000 viewers a week and is among the most popular free video podcasts on Apple's iTunes service - alongside offerings from ABC, the BBC, and CNN (which, along with Business 2.0 and CNNMoney.com, is owned by Time Warner (Charts)).

It's also making some decent coin: The show has had 15 sponsors thus far, each paying as much as $10, 000 per episode. Rose and Digg CEO Jay Adelson are so bullish on the concept that they've launched an angel-backed startup called Revision3 that produces Diggnation and a dozen other Web-only offerings.