New York -- AOL Inc., the Internet portal site in the midst of transforming itself, on Tuesday announced that it is reorganizing its growing roster of video assets under one roof, dubbed as AOL Video.
The company, which spun off from Time Warner Inc. nearly a year ago, said the creation of AOL Video to accumulate its vast online video library assets under one strategic umbrella, as well as to drive the creation, production and syndication of high-quality online video content for millions of its users, was part of its effort to focus on this fast-growing Internet segment.
AOL also disclosed that Ran Harnevo, co-founder of 5min Media, the Web's largest video syndication platform that AOL recently acquired, has been appointed to oversee AOL Video as Senior Vice President.
Under the new framework, Harnevo will now be expected to lead AOL's video partnership efforts, as well as increase the presence of video across AOL sites, and oversee the distribution of content from AOL video partners across the Web.
The entrepreneur has ascended to a key role at AOL quickly; the company acquired 5min, which syndicates video to properties large and small across the Web, in September. He will also manage the development of a single online video supply and syndication platform with advanced functionality for an improved user experience.
"We absolutely certain that video is the future of content on the Web, and AOL's objective is to be the market leader at every point on the value chain. Our distribution capability is the backbone that links the high-quality video content we create at AOL to the premium publishers that carry it, the engaged users who consume it, and the premium brands that partner with us to create it," said David Eun, president of AOL Media & Studios.
Harnevo will report to David Eun, President, AOL Media & Studios and David Mason, Senior Vice President, AOL Content Platform.
AOL said its video streams more than doubled to 493 million in October from 192 million in July. According to data from comScore, AOL's video streams ballooned 157 percent from July 2010 to October 2010, reaching 493 million streams (buoyed heavily by 5min's 149 million video streams that month).
Keeping on its promise to bolster content, AOL acquired 5min Media at the end of September. The acquisition was part of AOL's comprehensive content-focused strategy, which CEO Tim Armstrong has been chasing for the last year.
In addition to 5min, AOL acquired other video technology platform StudioNow earlier this year. Also, in the second half of the year, AOL has dialed up its original content production in a big way of late, inking deals with more than 20 content partners and digital studios, including Vuguru, Ben Silverman's Electus, Next New Networks, Telepictures Productions and the Ellen DeGeneres Show Web site and MarloThomas.com.
Other video franchises across AOL's owned and operated properties include, AOL Sessions; The Engadget Show; Translogic on AOL Autos; a number of shows on Cambio.com - Cambio Connect, Cambio Style, Cambio Goes Home, Cambio Cares; and The Secret Millionaire's Club on AOL Kids.
Furthermore, to win the content game, AOL is presently hiring hundreds of journalists, editors and various multimedia creators to flesh out its content offerings. AOL said it has already begun to integrate 5min Media's video content on its sites through a commercial agreement executed prior to the acquisition.
Founded in 2006, 5min is headquartered in New York City with offices in Tel Aviv.