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...