Today's excellent article on the BBC News website regarding the economic value of online video content only begins to highlight the seismic shift from traditional to new, online forms of media.
Having delved deeper into the topic, I have pulled out some quite remarkable statistics which further prove that online video is one of the most lucrative business sectors in the current day.
comScore reported in it's Digital Year in Review report that 179 million Americans watched online video each month during 2010 and that more then 88.6 million people watch online video on an average day in December 2010 (up 32%).
comScore also announced that the amount of live-streamed video we're watching has grown by 648% over the past year.
In June 2010, Facebook released some interesting stats regarding their online video offering, which revealed that as well as 2 billion video views on its site each month, there were 415,000 online video uploads each day.
YouTube recently revealed that over 35 Hours of video is uploaded to its site every minute- meaning that, 2,100 hours are uploaded every 60 minutes, & 50,400 hours are uploaded every day.
Some quite remarkable statistics, I'm sure you'll agree.
Over the past few years online video has become a career for thousands of video creators, with some making hundreds of thousands of dollars each year. Indeed, more and more creatives are switching their attentions to videoblogging and uploading their own, bespoke, DIY videos.
And there is money to be made in this growth environment....
YouTube, for one, has distributed millions of dollars in advertising revenue to its 20,000 most popular amateur producers since 2007 and the top performing web shows on Blip.tv are on target to take in more than $1m in advert revenue each this year.
With the numbers relating to online video continually rising, it will certainly be interesting to see where things go over the next year-24 months & how brands begin to adapt to using this format more frequently.
As a side note, I feel that the video below nicely illustrates the growth of the internet and social media in the present day. Watch Now.