Worried about the economy? Digital video exec David Prager takes …

The panelists discussing online video programming at MediaPost's OMMA Video conference on Wednesday morning were fairly sanguine about the prospects of the new medium in the midst of a sharp economic downturn.

"Context is king, content isn't," averred Ted D'Cruz-Young, the president of Ideocracy, at Mediapost's OMMA Video conference Wednesday morning. That's because "there's just too much crap content" online, when user-generated video is taken into account. D'Cruz-Young made the comment during a panel discussion with digital execs about the tradeoffs involved in the transition from the mass media model that typified the broadcast TV age, and the emerging commercial landscape of online video.

Scale may be the biggest issue facing the online video industry, but matching advertisers to the right content is equally important, Melissa Fallon, VP of Television and Digital for Davie Brown Entertainment, said at the OMMA Video conference in Los Angeles. Why is this so important? Because the engagement level with online video is so much greater than with television. …

Speaking at the OMMA Video show in Los Angeles, agency execs claimed that a lack of resources is clouding over the growth of online video advertising. Sarah Baehr, Avenue A/Razorfish’s VP of Media, pointed out that clients these days expect agencies to create new, "earth-shattering" ad units, but Jason Tsai, SVP, Group Communications Director for Universal McCann, explained that this is not feasible given the agencies' available resources.

If you don't have a DVR, which is 70% of the U.S. TV households, you'll be seeing TV right now in a linear fashion in the old-fashion way -- at a certain day and time period. Is that something the Internet should take on in part?

How are digital platforms changing the way content producers measure video success? For one thing, it's no longer measured by television's mass media yardstick, OMMA Video keynoter Larry Kramer explained.

Speaking at MediaPost's OMMA Video conference in Los Angeles Wednesday, Larry Kramer of Black Arrow described a system of interactive advertising that sounds quite a lot like behavioral targeting, although Kramer didn't use that term explicitly.

Larry Kramer revealed insights about the internal struggle at a major television network evaluating whether to play along with Apple’s iTunes model. Back then, Kramer was the digital media guru as CBS, and he said there was a huge internal debate about embracing iTunes. So he did some math and concluded that a major prime-time hit like "CSI" generates between 30 cents to 50 cents per viewer per hour via the traditional ad-supported broadcast TV model.

Take Internet Video advice from a company called Evil Global Corp. The company started by former network marketing executive, Hayden Black says it'll only get evil for your Internet video business if you go totally old school.