After photo-sharing app Instagram was sold to Facebook in a more than $1 billion (£650m) deal in April, talk in technology circles has shifted to the next expected growth area, video.
A wide variety of video apps have recently sprung up, offering users the chance to upload their own personal videos, as well as watch and share a variety of video content from other sources, including clips ranging from the humorous to the salacious to the downright gruesome.
Instagram enables users to apply filters to their videos and then share them with friends and contacts on the iPhone and Android app.
Shortly after Instagram was sold to Facebook, a social video startup called Viddy hit the headlines after attracting a reported $6m from investors, including Jay-Z's Roc Nation, Will Smith's Overbrook Entertainment and Biz Stone, the co-founder of Twitter.
The mobile app allows users to share 15-second video footage, either their own or other people's, via SMS or social networks.
Viddy has racked up 10m users since it debuted in the App Store last year, while the launch of a dedicated Viddy app on Facebook Timeline helped the startup attract the social network's founder Mark Zuckerberg as a member.
Viddy is already valued at around $370m, a price that would no doubt rise considerably higher if Zuckerberg's Facebook pursued another acquisition.
Competing with Viddy is Socialcam, an iPhone and Android mobile app that launched in March, 2011, and involves users capturing and sharing video on social networks, such as Facebook and Twitter.
The app, which has passed 2m downloads, also allows users to choose from nine different filters, such as 'Kodak' and 'Grunge', but further offers nine preset themes, including "news" and "travel", along with ten music tracks.
Unlike Viddy, Socialcam does not place a limit on length of clips, which the company says gives users more freedom on what they want to shoot. All videos are stored in the cloud by the company.
Cloudee involves people uploading their videos direct to the cloud, and then organise them into "collections", before sharing the content with just family and close friends.
The service is free during the beta period, but Boxee intends to launch a paid version later offering unlimited cloud storage. All content is accessible from the iPhone app, or the Boxee box product, launched in 2010, or any web browser.
There are numerous other video sharing apps out there right now vying for people's attention, each offering a slight twist on the core process of uploading and sharing:
Already the darling of the technology websites, Cinemagram offers a way to capture moments using both photo and video.
You can animate small portions of photos by filming short video clips and then incorporating the footage into the image.
A range of processing filters can then be applied to these hybrid snaps, before sharing on Twitter, Tumblr and Facebook.
So, which app is going to break through and become the "Instagram of video"? Well, Viddy is currently in third place behind Socialcam on the Apple UK photo and video app store charts.
Just like Instagram, much will depend on how these new video apps can build a large and committed user base. But much also depends on striking a balance between the power of social sharing and personal privacy.
After all, not everyone wants the world to know just exactly what videos they have been creating, or what they have been watching.