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AOL steps up online video production arm StudioNow bought by AOL for $36.5 million.
AOL has increased its video production capabilities with the purchase of StudioNow, an online platform for video creation and distribution.
The $36.5 million (£22.7 million) acquisition will see the firm add to its online content management and distribution system, Seed.com.
StudioNow will also continue offering its online platform to commercial companies including current customers Simon & Schuster, Maxim magazine, and CitySearch.com.
Tim Armstrong, AOL's chief executive and chairman, said in a statement that video production was a large part of the company's business plans.
"Premium original video creation is a fundamental part of AOL's strategy to offer consumers world-class, stimulating content at scale, and the integration of StudioNow into Seed.com will enable us to increase our video content/offerings significantly," he said.
Last week, professional services firm Deloitte announced it expected online advertising to grow significantly in 2010, outstripping growth in other mediums used in the marketing industry.
"In 2010, online advertising spending will grow in absolute dollars and is likely to grow substantially faster than the total advertising market," it said.
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