We’ve all seen the stats on video advertising growth. eMarketer suggests $4 billion by 2011 and Jupiter goes as high as $7 billion. As is often the case with these numbers, they are largely a black box, in that unpacking the elements that actually get us there from where we are today are unclear. The core drivers of any online ad business are really threefold: 1) the size of the audience; 2) the engagement of the audience; 3) the quality of the audience. In the case of video advertising, these three pieces are in flux. Let’s break them down:

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