Headline: tech luminary and founder of Brightcove, Jeremy Allaire, discusses their new AfterMix online video mashup tool at a Media Post conference (MediaPost Videos), and shakes up media world. AfterMix is Brightcove’s venture into the world of online video editing , and will offer some interesting features targeted at facilitating video capture directly to the Internet as well as the easy incorporation of other material available both through Brightcove and on the Web into a consumer created video.

Brightcove is certainly an interesting company, with a good presence in the professional and prosumer worlds. Now they want to gain entree to the world of consumer video.

Various blogs speculate about competition with YouTube, which is a bit of a reach. Okay, it’s a major reach. So what are they up to over at Brightcove? First, take a look at this really goofball AfterMix overview. Notice the use of whiteboard and lack of product? So it’s fairly safe to assume the thing’s half-baked right now. So we can’t really know if it’ll be different or better than, say, Jumpcut.

I think the interesting thing here involves the underlying business model. Brightcove seeks to attract professional producers and distributors with a high-quality video management and hosting service. They make money by sharing in advertising and/or sales revenue. So why would they want to go after the YouTube consumer market? To attract videos in which nobody would want to place an ad and nobody would want to purchase? What gives?

It seems to me they’re looking to offer possibilities for their more professional producers to get their work distributed in new forms. Mashups can easily become more popular than originals. In theory, this would drive the curious back to the originals. The mashup becomes free-advertising for the original. I’m not sure what the legal arrangement will be, but whether AfterMix operates under some sort of creative commons license agreement with the producer or even through fair-use, the business model remains the same.

If I’m right, then this becomes a really interesting test case for the ability of content owners and publishers to monetize their property by enabling mashups. Brightcove has a contained ecosystem of professionally produced video and they track the use of such content, and the revenues generated by that use. They should be able to provide a slice of their data to exhibit how increased use of the content in AfterMix either does or does not directly impact revenue.

In the end, this isn’t about competing with YouTube, or anyone else for that matter (although
the Jumpcuts of the world should be pretty afraid here). It’s about a Web 2.0 firm adapting part of their core business model to the fluid world of Media 2.0. I’ve got to give them props.