Forrester Report: Get Ready for OmniVideo
Consumers are ready to take their consumption of video to a whole new level, and companies looking to profit from this explosion need to act now, according to a new report issued by Forrester Research vice president and principal analyst James McQuivey.
In How Video Will Take Over the World, McQuivey lays out a vision for a world in which individuals will be able to watch video nearly everywhere on a variety of different devices, in which anyone will be able to produce video, in which remixes and mash-ups will be prevalent, and in which the video industry will become much larger and more influential than ever before. McQuivey calls this vision OmniVideo (OV).
"Every time we kept trying to say video instead of television, it just wasn’t enough," he said. "Some people were thinking back to video tape. Other people were thinking of a single video itself, and we just realized that the word video isn’t big enough to encompass everything that we need to do."
Prepping the OV
According to the report, the technology needed to bring about the rise of OV—IP video delivery, mega storage, and cheap display screens—is already in existence, and core human needs will drive its implementation.
"I think a profound driver of everything we’re seeing is that video satisfies the brain in a way that other media just cannot," McQuivey said. "And so, when you give people compelling video experiences and a relatively easy way to manage and control it, which the internet is, we see a huge response."
McQuivey writes that OV will drive up the average total viewing time from four to five hours per day by the year 2013, representing a potential $37.5 billion growth opportunity for companies in the industry looking to sell content or advertising. For that reason, he said, these companies should jump on the boat now and establish themselves as leaders in OV before one company establishes itself as the market leader.
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