Update: There were 2 reasons I bought the iPad2: Skype Video chat, and the ability to edit video with my fingertips. Last October, I posted the article below regarding the emerging need for a low-cost video editing service for small businesses. With the new iPad2 + iMovie, you can now pursue this service as a business easier than ever:
A person could make a very good business offering to produce quick videos for small, medium, and large businesses starting at $99 each. From HowCast, to Demand Media, video is on the rise as a powerful tool for business. This is fueled by low-cost technology, higher quality, faster mobile uploading, and the competition for advances in companies using social media. It's only going to heat up.
However, even with Flip cameras and hi-def mobile phones, it is the act of actual editing and posting online that is the great bottleneck for companies and executives. In fact, most of the actual video would/could be captured by the employees themselves, but sent through this company for clean editing, titles, etc. I have come to discover the real limitation is in editing resources, expertise, and cost. For the past few years, I have been working with Geek Squad employees to produce "Two-Minute Miracles", quick how-to videos. They are a wonderful showcase of our amazing people, offering useful tips on technology. I call our call center and ask them the most frequently asked questions, which then forms the basis for which videos to make. I then call the store, and ask the Agents to film a few minutes answering those questions. It's low cost and authentic.
I could and should be producing over 100 videos per week. The problem is editing. Without a dedicated service to produce, edit, and control this activity, executives are missing out on a massive opportunity. They could better communicate to their employees. Employees could better communicate with their customers. It can begin to replace traditional advertising methods, or at least enhance them.
Of course, $99 videos will not produce a large profit, but in higher volumes, it could be quite profitable. Imagine offering all sorts of extras: close captioning, multi-lingual, better graphics, hi-def: each for an additional fee. That $99 starting price point, can easily grow to $500 and higher per video. Even better, imagine a monthly subscription to produce 10 videos a week, or 100 per month starring employees, vendors, and customers. I believe there is a huge, untapped potential for large, sustained revenue streams. Combined with the efficiencies of larger scale, margins could be increased steadily.
It's no accident that there has been an explosion in the valuation of quick-video "how to" sites, like Demand Media. Just a few weeks ago, AOL bought "5Min Media" for $65 Million.
The role model for this all, is the eternal marketing consistency of Earl Scheib: