• by Joe Mandese  @mp_joemandese, June 16, 2009

That’s how MediaPost publisher Ken Fadner got things off at the OMMA Video conference in New York today, noting that online video officially is the “fastest growing medium in the history of media,” according to some source that he mumbled over.

“So where are all the dollars,” he posed, asking the $699 million question.

That sum is the amount conference programming chair Daisy Whitney said is the current industry estimate for online video ad spending, which isn’t poised to break $1 billion until 2011.

“How do we split up $699 million when you have YouTube and Hulu and all the broadcast networks,” Whitney asked, noting that it isn’t easy, and some promising early start-ups such as 60 Frames and Mania TV, already have gone under.