Online video is becoming the killer application of the Internet as b-to-b marketers embrace it as an integral part of their marketing programs, using it in such disparate formats as 15-second banner ads and long-form documentaries.

Spending on online video advertising will more than triple in the next three years, growing from $775.0 million this year to $2.90 billion in 2010, according to research company eMarketer.

With the anticipated surge in spending, media companies are scrambling to get in on the action, as demonstrated by the partnership announced last month by NBC Universal and News Corp. to form an online video ad network.

In announcing the as-yet-unnamed venture, News Corp. President-COO Peter Chernin called it “the largest ad platform on earth,” with an audience that will reach about 96% of the U.S. Web viewing audience. The video network will be distributed by partners including Microsoft Corp.’s MSN, News Corp.’s MySpace, Time Warner’s AOL and Yahoo.

Already, the video venture has lined up charter advertisers including Cisco Systems, General Motors Corp. and Intel Corp.

BtoB Magazine