.... and the concept is a simple one - to make video interesting.
The service uses the YouTube API and replaces the YouTube player with a Speakertext player. Users can search video text for relevant quotes and embed the linked quote or the Speakertext player and video into their blogs. To index your own video with the system, you can either transcribe it yourself or opt into a Mechanical Turk package. For $20 dollars per hour of video, you can have speeches, events and podcasts transcribed. The company plans on creating a premium service and launching on additional video platforms in the months ahea
This capability is definitely worth keeping an eye on. I think not only of how much I could use this for finding relevant video, but also of being able to then embed the portion I want into a blog or other content. The applications for learning seem equally valuable and the transcription rates ($20/hr) are also worth noting how much they have fallen.
This is also one of the exponentially growing number of examples of how various types and styles of content are being "mashed up", how our interaction with content is changing and more so how we are changing from mere "consumers" to creators.