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HTML5 is coming, and it's heavily oriented to Video and Rich Applications. The idea behind is full integration of multimedia content with HTML and Javascript.
Looking to the future, Rich Media is bigger than the current game. So, HTML5 is being crafted to support Video, Multimedia and Rich Applications.
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To be clear, today, the Rich Media is doom by the division between HTML Standard and Adobe's Flash. Historically, Flash has enabled main part of Internet's Multimedia (e.g. Video).... since Splash and Macromedia era (how old I am ...I remember when we bought the Splash Designer box). Thanks, but Flash is tied to a single provider (not standardized to enable other providers), directed by Adobe's strategy (like little support fox MacOS, Linux, mobile devices, or iPhone).
Example: now, when you visit a site there's a Video Player in the middle of the page, you can only play the buttons in the Video window, little or no interaction between the Player and the page (because it's difficult to integrate, and not so stable to all platforms). This is the consequence of HTML vs. Adobe's Flash division.
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Microsoft's Silverlight is the same problem, under different umbrella.
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HTML5 is leaving the original root of HTML as text only/layout content, and support Multimedia as a natural element from the onset.
What it means, Video content flowing within the page, several video elements active, well designed interfaces (without artificial restrictions).
In this proof of concept, we can navigate through a maze, with a associated interactive map... all with pure HTML.
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The standard is on the draft board, and several parties are supporting the development (Google, Mozilla, Apple, DailyMotion, and others). Mozilla is planning to release Firefox 3.5, supporting HTML5.
Let's see how it evolves. A new Game Change is soon to happen.
Demos: http://htmlfive.appspot.com/
More information: ArsTechnica, HTML 5 and Web video: freeing rich media from plugin prison; and Webmonkey, Google Throws Its Weight Behind HTML 5.
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