I've reported here a number of instances of established media companies using the Internet to reach a new generation of viewers directly. Just about everyone of them says that getting advertising revenue is part of their goal.

In addition to AOL announcement that it will become a non-subscription based, video portal seeking advertising dollars and the AP's announcement to offer ad supported video on the Internet, these are just a few of the many recent stories:

So, a logical question is this: how large is that market now? AccuStream iMedia Research forecasts that ad revenue for online video will reach $321 million this year, up 75 percent from 2004.

Meanwhile, ClickZ reports that more agencies are looking both inside and out to find talent to bridge the gap between offline video and online rich media.

MarketingVOX reports that Mike Griffin, VP of business development at EyeWonder, says that nearly 80 percent of video ads that the firm sees are made by repurposing television ads. Another 15 percent use existing video content, edited to fit online. Only 5 percent of online video ads are created entirely for the Web. The trend is shifting, as more advertisers begin to realize the power of video ads, he said.

For about a year or so, Jupiter Research has been forecasting that online video advertising will hit $657 million in 2009.