Facebook earlier this year finally announced it had had started testing long-rumored video ads with a small set of brands initially. An OMMA Video panel on Thursday suggested Facebook’s new Premium Video Ads are meant for reaching big audiences as part of broader cross-media campaigns. “It’s not a highly targeted product at all,” said Mike Walker of Blinq Media. Rather, it takes advantage of Facebook’s massive reach. But with buys starting at $1 million, video doesn't come cheap. For that reason, Josh Bochner of Pantomime Creative Group said he only plans to work with clients on large-scale budgets after extreme testing of both creative and user engagement of video ads on Facebook. Megan Black, VP, group director (media) at Piston said she expects the social network to open up video advertising more widely to advertises in Q3 and Q4.