Media Perspective: Video's new-found cheapness has put it at the cutting edge.

The story of communications technology is infuriatingly simple. Things that were once expensive and difficult become cheap and easy. This upsets and confuses everything.

It's happening now to video. It was once the most complicated, expensive, arcane and mysterious thing in our arsenal, surrounded by wizards and guilds who carefully guarded its mysteries, revealing them only to those who would cross their palms with silver. Or awards. Now, though, it's cheap as chips. Cheap to make, to store, to distribute and to watch. So all sorts of things start to change.

First of all, TV is becoming incredibly personal. YouTube led the way. The marketing industry tended …