Facebook’s dramatic rise as video site further exemplifies the importance of video as a social media object.
Instead of the linear/one-to-one relationship that video plays in traditional media, video has the increasing potential of becoming a major driver in an ecosystem of creators, promoters, re-mixers, consumers and enthusiasts.
Not sure that this signals a new trend “where YouTube is being abandoned in favor for the social networking site”, because YouTube is making its own moves to create new avenues for creation and consumption, for example, with YouTube Direct.
But the bigger point: video is rapidly turning into a highly pervasive social media object, and has the ability to carry tremendous amounts of context + conversations > subsequent earning potential with it. Be it Hulu, Facebook, or YouTube, online video is shaping the next frontier of social media.