The announcement of Google Adsense for video is a significant milestone in the evolution of web video. Video units will be live in AdSense accounts later today and allow anyone with a web site to earn ad revenue from Google’s/YouTube’s new embedded, customizable players. Together with the new immersive advertising YouTube has also been testing, monetizing web video is becoming more tangible. Moreover, Hollywood is recognizing the potential and power of web shows to become mainstream phenomena — and eventually make money.
NewTeeVee.com blogger Chris Albrecht has written an article about the evolving attitude of Hollywood toward web video. Once the “bastard stepchild” of the studios, the production of web video is no longer an afterthought with studios and networks.
“Contrary to popular opinion,” writes Albrect, “LA is not a hellhole. LA is not a wasteland of superficial, artificially-augmented airheads who perpetuate the lowest-common denominator style of entertainment.”
With Google making moves in this space and allowing anyone to monetize web video, we’ll soon see the kind of momentum that online text advertising once had, forcing the newspapers to increasingly move online.
The winning studios and television networks in a digital era will be those who realize the extent of the change in viewer behavior quickly and start producing high quality original video content for the web
The potential Writer’s Guild strike over compensation for web and new media could not have come at a worse time, as Albrecht points out:
“Go ahead, call me a sell-out for not wanting all of my entertainment to come from some guy with a Web cam in his garage. But I want to see what the writers from Heroes could do with an online series.”
I have elaborated more on this in my chapter of the book Millennials and the Digital Entertainment Age: A Sourcebook for Consumer Marketers (available for purchase from DMW for $30 including shipping – call our office at 310-855-0033 for details).