You need at least three episodes at a maximum of three minutes. This is a perfect chance to get any show you've made, or thought of making, off the ground. The $3000 prize to the best entry doesn't hurt. Not a bit.
contest, video, online, miniseries
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HOLY SHIT!
what he said!!!!!!!
The contest site says "you're essentially giving them the rights to your show", but LoftCity's terms are only for a non-exclusive distribution deal where you get 50% of revenue from any thing they make. And you specifically keep the copyright.
http://www.loftcity.com/StaticPage.faces?id=10