Wang previously directed "Eat a Bowl of Tea," "The Joy Luck Club," "Smoke," "Anywhere But Here," "Maid in Manhattan" and "Last Holiday."
Adapted from a collection of short stories by Yiyun Li and starring Ling Li, "Nebraska" had its world premiere on the popular Web site, starting Saturday at midnight EST.
With more than 165,000 views in its first two days, the online launch represents the most successful studio film premiere in YouTube's history, Magnolia said, adding that, in relation to a theatrical release, the movie would have placed around 15th on the box office charts.
The free release was posted on YouTube's Screening Room, a new channel dedicated to premium film content: http://www.youtube.com/ytscreeningroom.
"It's astounding that over a two-day period 'The Princess of Nebraska' became the most widely viewed independent film in the country," Magnolia Pictures' Ray Price said in a statement Monday.