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Miller: Mytime is the new primetime MIP NEWS: AOL chairman and chief executive Jonathan Miller told a packed house of entertainment executives yesterday that IPTV, using the power of video search, will displace primetime television within the next few years.  Delivering a keynote address at MipTV in Cannes, Miller (left) said: "Today, video consumption online is exploding. In the US video streams were up more than 40% last year, and in Europe 61% of people use their computers to watch videos. Until now, the lack of broadband and poor video search held back online video." Miller said that while surveys show nearly 60% of those who watched online videos found them by accident, powerful search engines are changing that. "We recently acquired Truveo, which with Singingfish gives our users access to nearly four million indexed videos - free," he said. "Video search will put increasing pressure on traditional networks." Miller said he saw the rise of internet video spawning several new business models in entertainment, from pay-per-download to ad-supported content. "iTunes sold more than 12 million videos in less than four months," he said. "And we know from television that ad-supported is the fastest way to build a new medium. In-stream video advertising is poised for rapid growth. The TV ad business in the US is a US$60bn industry, and those advertisers are increasingly looking to the internet. Streaming ads are projected to more than double between now and 2009, and in-stream ads are now getting television-like CPMs." Miller added that AOL is already building significant business with top advertisers including P&G, Kraft, General Motors and Coke among others. Showcasing his own company's In2TV launch as an example of how the internet will create a new style of media, Miller said: "This isn't just about watching TV on your computer... we're creating new, interactive, engaging entertainment experiences.... IM... email... chats... online chats. And we're going to build more social networking features in as we go. Looking forward 10 years to predict what the 'television' business might look like in 2016, he suggested a number of major changes would come into play: "Users will be part of the value creation chain, not just value exploiters," he said. "No one will wait for the water cooler anymore. There will be mashed up media which is about sharing and augmenting." He also said that the piracy problem will have to be dealt with. But, heralding the emergence of more peer-to-peer networks he added: "Your friends are the network. There will be more consumption in less time, and standard programme lengths have less meaning," he said. "In this environment primetime is mytime and for advertisers primetime is all the time." David Jenkinson 5 Apr 2006 © C21 Media 2006 
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