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While YouTube continues its dominance of online video, away from the popular site are seeing more unfilled demand than ever for quality video inventory. If you didn’t know any better, you’d think that YouTube was the 1% of online video, while the rest of the world represented the 99%.

Welcome to the 1%: YouTube

YouTube is reaping the dividends of a lot of smart and lucky moves early on, and Google deserves a lot of credit for taking a long-term approach when it bought the site. At a time when Eric Schmidt is trying to convince anyone who will listen that Google isn’t a monopoly, YouTube greets 80% of U.S. Internet users and accounts for 47% of video views each month, according to comScore.

Cynics have long argued that while YouTube was popular, it was a money pit. Not so, I argued even before the sale to Google -- and increasingly, analysts are coming out with bullish revenue estimates. Barclays Capital’s Anthony DiClemente pegs 2011 revenue at $1.6 billion; considering that total video advertising is forecast to weigh in at $2 billion, then that would mean that YouTube accounts for 80% of the pie.

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