Perceptions of Online Video

Today's eMarketer statistic noted that most media and entertainment executives thought that online video (especially short form content) had the highest growth potential, triple that of the current cash printing format, the video game. Further they report that user generated content will be more than half of what is viewed online. However, the major difficulty here (in summing up the report) is

• Commercials
  
• Inconsistency of Production
  
• Bad Search Capabilities/Too Much Stuff!
  

Now, I have to note that user generated content and short form content seem to be grouped together at least in the way that eMarketer has presented it. However, I have to point out a distinction between pure amateur video, prosumer/semi professional video, and professional video. While amateur video will always have a market (wacky clips taken on the moment by your cell phone camera), the rising of the "middle class," the prosumer/semi professional video will be the one to watch. These are the filmmakers/videographers with the new $5200 AG-HVX200 HD Panasonic camera, the latest Final Cut Studio for $1200, the latest Adobe After Effects for $1199 and so on. They'll have all the tools to make professional grade media, but at a fraction of the labor cost, and without the connections to achieve mainstream distribution. If you notice the top 10 all time viewed YouTube videos, 7 of them have editing that is probably beyond the scope of iMovie or Windows Movie Maker.

I've argued that semi-professional videos will soon become the growing segment of online video, but as a marketer, how does that affect you? I think that it may mean access to lower production costs and more ideas for getting your brands out to audiences. From my limited knowledge of production, I know that it takes 5 guys to change a light bulb due to all of the union regulations out there. Well, now the guy in Iowa can create similar content at a fraction of the cost without the labor unions. It also means that with large prizes like a Superbowl Commercial (a la Doritos), more and more prosumers will be vying for an opportunity to utilize your marketing muscle to make it big. If Frito Lay were smart, they'd be asking some of their runners up to be creating their next wave of commercials (again at a fraction of the cost). But, here's the most interesting one: As computer skills become as necessary as typing skills were 30 years ago, we're going to see a new age of marketer: the creative techie marketer. Marketers: Be on the lookout for this person (or these people) as they will be pushing the frontier of what is possible in this new and exciting space.