If you haven't heard the term "lifecasting" yet, don't be too worried--it's only recently been coined by 23-year-old web entrepreneur, Justin Kan. He uses the term in describing his self-documentation approach to Justin.TV. And according to the Intelligence Group's Trendcentral, Justin.TV could be the start of a new trend. Kan launched the site a mere two weeks ago, and he's already been getting plenty of media attention.

How does self-documentation work? Think of the movie EDtv, but instead of a camera filming Ed throughout the movie, Kan wears a camera above his right ear all day, though he does take a break at night while he sleeps. Otherwise, the camera is on, whether he's going to the bathroom or going on a date.

Kan's business model is based on product placement. In fact, the young entrepreneur already has sponsorships from Zipcar rentals and Bawls energy drink. Their airtime comes in the form of posters on the walls of Kan's San Francisco apartment. Kan says he hopes to build the site into a network made up of hundreds of lifecasters, each with their own channel. He believes lifecasting could become competitive with traditional television.