OnHollywood Ponders Viral Media
How can Hollywood harness the growing power of user-created online content -- namely video? Is there a business model allowing money to be made directly from viral video... or are such videos a means to a different end?
The recent OnHollywood conference, hosted by the AlwaysOn Network, examined these and other technological questions that are changing the entertainment industry. Among other things, the conference acknowledged the growing impact and popularity of video clips, and the way that they are redefining what it means for something to be a "hit." "Trying to create a mass market misses the point. It is more efficient to serve micro markets," said Brightcove CEO Jeremy Allaire. "I am not sure if 10,000 to 30,000 viewers will be economically sustainable, but I think that's the hope."
Although video clips won't likely supplant movies and TV shows, they are evolving into an entertainment medium in their own right, complete with their own set of aesthetic standards. Video clips are also bumping up against the classic problem of new media: the difficulty in creating a business model. Specialty broadband channels are appearing, as well as other models for making money... but the field remains a work in progress.