Mossberg states that the web has changed from a text medium to a video medium -- and likewise, its direct competition is changing from newspapers and magazines to network TV and movie studios.
He divides online video into three genres: user-generated content, content distributed by mainstream companies, and original, "fully-produced pieces."
He notes that this last category is the least developed, but will soon be well populated. Mossberg predicts that a fully-produced show spawned from the web will successfully make the transition to primetime network TV in the near future.
Check out the second half of Mossberg's statements here.