Here is an interview immediately prior his keynote.
In his keynote, he likens the current state of online video and advertising around it akin to the dynamics affecting the TV industry in the early 1940's:
- A small group of innovators introduced a new technology that has the ability to entertain and engage people on a massive scale
- Advertisers are reluctant to risk money on this untested platform
- Content owners are fearful of alienating their existing audiences and distribution partners
- [Some] experts hail this new platform as signaling the demise of another (e.g. radio)
He then goes onto to debunk the current value of a centralized distribution model in today's world. This is evidenced by today's consumers who want access to content on PCs, TVs, mobile phones and social networking pages.
None of this is particularly new or earth-shattering as I have discussed recently. Chad makes reference to the recent study Forrester completed for Veoh Networks looking at how online video engages. In reaction to that study a number of major network executives agreed that online video was adding to their viewership, rather than cannibalizing it.
However, Hurley puts forward an interestingly broad perspective on the dynamics in the video and content market and appears to make a universal call to throw off the cold war-like vestiges of "old media" vs. "new media" and rather look at it as "one media" with a common purpose: "to inform, move and inspire the world through information, art and entertainment."
Kumbaya.
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