• by Joe Mandese  @mp_joemandese, June 16, 2009

That’s what Google’s Eileen Naughton said the online video advertising marketplace has emerged as.

In other words, online video is both the fastest growing medium from a consumer usage POV, and the fastest growing one from an ad spending perspective, growing more than 41% last year. But that’s still tiny. Naughton noted that it sill accounts for less than 4% of U.S. ad spending. By my estimates, it’s a lot less than that, but who’s counting?

What are the big obstacles?

Naughton said formats, targeting, and scale are the big hold-ups.

“As an industry, I think we’d all agree that we need to establish metrics that prove the value of online video, and do it in a meaningful way,” she said.