The power of online video extends to every corner of the Internet and resonates with global audiences at a rate never before seen in traditional media platforms. While the proliferation of online video may still be in its infancy, the need for engaging and practical video content is imperative for brands looking to educate, entertain and captivate.
The demand for rich media in the television, radio, newspaper and publishing industries, has helped position online video as one of the most powerful and essential media platforms. A study conducted by D. S. Simon Productions suggests 77% of all media sites will increase the use of online video over the next year. According to eMarketer, the online video industry will be a $3 billion business by 2012 via online video advertising, product branding and professionally produced digital content. As the full potential of online video is realized, content is streaming in from every major publisher, portal and major brand looking to capitalize on the wonderful opportunities provided by rich media and video. This massive sea change harbors uncertainty, but we have only begun to realize the opportunities.
The overwhelming volume of online video is increasing dramatically as broadband users and content creators continue to come into the fold, from every part of the world. Content has to be killer. The need for well-produced and compelling content is imperative for any brand looking to stand out in today’s sea of, often less than stellar, content. Despite the access to user-generated content sites like MySpace and YouTube, brands are still hesitant to place their video and advertising next to material, which may be inappropriate for their image. Additionally, user-generated content cannot be monetized efficiently. As we muddle through harsh economic times and experience the growing pains of technological progress, we have to remember something: we need to monetize the audience, not a particular video or singular piece of rich media. The only way to draw people in and create a two-way conversation and interaction is through compelling content that has an interesting story.