In a new effort to attract a younger audience and capture marketing dollars that are increasingly going to the Web, Vogue magazine has teamed with the fashion and media divisions of IMG to produce an elaborate Web-based reality series about the fashion industry.

The show, called Model.Live, tracks three models as they navigate casting calls, catwalks and airports for fashion weeks in New York, London, Milan and Paris. The first of 12 eight-minute episodes will debut Aug. 19 on-demand on Vogue.tv, a site that runs advertiser-sponsored videos and allows consumers to buy the featured products.

The Model.Live series cost $3 million — about $31,000 a minute — to produce. That puts it among the biggest-budget Web-TV projects to date. By contrast, marketers spent an average of $4,500 for an online video in 2007, according to Forrester Research.

Wow. WatchMojo.com has shot 500 hours (or 30,000 minutes) of content, and published 200 hours (or 12,000 minutes) of those. At a cost of $31,000 per minute, that would have required a budget of $372M to $900M. Yes, I know, crazy math… but you get the idea.  Speaking of fashion, enjoy the latest two videos off our fashion channel:

- Yves Saint Laurent Fashion show
- Latest trends in Swim wear