And what a state it is.

The Interactive Advertising Bureau (IAB) has released the Digital Video Advertising Overview, a report highlighting the state of the video advertising industry and challenges inherent to it.

The document includes an appendix of useful definitions for words like "rich media," "user-generated video" and "overlay ad."

"It is critical that we create an environment that makes it easy for marketers and agencies to utilize this rich medium," preached director Michael Hurt of Digital Advertising at Microsoft.

"This is really just the beginning of our work to foster and promote the continued growth of this vigorous and healthy online video ecosystem."

Hurt is also co-chair of the IAB Digital Video Committee.

Download A Digital Video Advertising Overview. The IAB will also host a seminar in New York City regarding the state of digital video. It will take place February 13.