Procter & Gamble believes that online video will become the “next big wave” in the marketing world, combining the benefits provided by the internet and television.

Speaking to The Australian, Marc Pritchard, Procter & Gamble’s global brand building officer, suggested that this medium would soon occupy a central strategic position for brands.

“When I started, our spending on social media was less than 5% of the media budget. But we saw the whole digital world was hitting an inflexion point and we made a commitment that becoming big in digital would be a priority for us,” said Pritchard.

Now, the company allocates more than 10% of its overall spending to digital, and has built up a 80m strong following on Facebook.

The Australian also suggests that the London 2012 Olympics marks a watershed in marketing, as tens of millions of people engaged in real-time social media conversations.

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