Is Hulu Really Worth 45% Less Than Tumblr?

Analysts and marketers chime in

Now that Yahoo CEO Marissa Mayer has Tumblr in the bag for a cool $1.1 billion, AllThingsD reports that she may buy Hulu for between $600 million and $800 million. Considering that Hulu is reported to have brought in nearly $700 million last year (and has 4 million paying subscribers) and considering that Tumblr is said to have brought in an underwhelming $13 million in ad revenue, those numbers side by side are kind of wild, aren't they?