by Steve Vonder Haar
April 9, 2009

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Sometimes, the best way to make money is to save money. This timeworn sentiment may be boring into the go-go world of digital media. But savvy investors may want to keep this idea of thriftiness in mind even as Streaming Media devotes this entire issue to the topic of monetizing online video.

Sure, it’s great to see a creative market developing new digital media products that encourage companies to spend advertising budgets and convince consumers to open their wallets to watch the content they want online. After all, the dream of creating huge new markets fueled the entire internet boom that dominated the second half of the 1990s.

I’m not suggesting that anyone overlook the potentially transformative impact that online video can have on the media landscape. There’s huge money-making potential there.

But even more lucrative opportunities may await those who look beyond the idea of treating online video as a medium and, instead, think about it as an element of the online experience that can enhance a range of potential applications.

Integrating online video into web conferences, for instance, enhances business communications. Creating marketing content, such as customer seminars and product launch events, can help companies deliver key promotional messages to wider audiences. And employee training can be handled more effectively than ever before with the implementation of online video.

The common thread to all these applications is that they help companies save money. Reduced travel expenses, more efficient marketing, and improved employee productivity all translate into bottom-line savings for business.

Many corporate executives have already made the mental link between the implementation of web technologies and enhanced operating efficiencies. In a survey of 1,212 executives conducted by Interactive Media Strategies in 2Q 2008, respondents were asked to agree or disagree with the statement that “expanded use of web communications technology can help my organization improve productivity and operate more efficiently.”

Twenty-nine percent of overall respondents say they strongly agree with the idea that web technologies enhance business efficiency. Another 55% say they “somewhat agree” with the statement. Essentially, more than 80% of the survey respondents agree to some extent that web applications can enhance efficiency.

And those positive perceptions of internet technology are only enhanced among organizations that deploy online multimedia on a frequent basis. At companies that deploy more than 100 online events per year that integrate online multimedia, 52% of respondents say they strongly agree with the idea that expanded use of web technologies can enhance business efficiencies. Another 42% “somewhat agree” with the thought that expanded internet technology implementation enhances productivity.

In contrast, at companies that do not deploy online multimedia, only 13% of respondents “strongly agree” with the efficiency statement with another 47% responding that they “somewhat agree” that web technologies can enhance efficiency.