For the first time ever, Google is now sharing ad revenue with a small-time video producer on Google Video. The happy recipient of said shared revenue is EepyBird, a.k.a. Fritz Grobe and Stephen Voltz, a.k.a. the Diet Coke & Mentos Experiment Guys. In exchange for most of the advertising revenue, they have agreed to host their latest video--Extreme Diet Coke & Mentos Experiment II, which features 251 bottles of diet coke and over 1,500 mentos--exclusively on Google Video. Their first video netted them $35,000 with Revver's revenue-sharing feature, and they stand to make much, much with Google Video.

While this is just one video producer on Google Video, it makes sense to suppose that Google will soon be extending similar offers to other popular video producers, and on to newly-acquired YouTube as well, but Google says, "Until the deal closes, we're continuing to operate as two separate companies."

In case you've got three minutes to kill, you can check out the latest EepyBird video after the jump--sure, it has nothing to do with software, but it's fun to watch.