Adobe just just released Adobe Media Player 1.0 and Adobe TV. Built on AIR, the Media Player supports Flash video and h264 video encoding, with 1080p, 720p and 480i resolutions. Users can subscribe to channels, with content available from CBS, Universal and MTV among others, including the Long Tail of niche content creators.
You can get the player here. You can also tune to Adobe TV with hundreds of videos on Adobe products, including, Photoshop CS3, Dreamweaver and others. More details in TechCrunch, ReadWriteWeb and NewTeeVee.
Adobe Flash technology already supports YouTube and it is a de facto standard for Internet TV and video clips. With the new launch Adobe aims not only at providing technology but also the Service behind. Adobe is playing in the same league as YouTube (without the social network component), iTunes (without the rental yet), Joost (without the P2P technology), Vuze (bittorrent based) or Miro (Internet video aggregator), only with different technology choices and content strategy.
Adobe has successfully reached some content agreements, and it is already inserting video ads. With the support of standard and hi-definition, Adobe Media Player can be a solid platform for Media companies to put their content in Internet. At least the ad-based business model is well known. And Adobe support mobile handsets will give even a more compelling proposition to content owners.