They can't do it today, but pretty soon advertisers will be able to bid to be placed on video advertisements served up by Google.

That's the word from Google CEO Eric Schmidt, who fielded questions from a couple dozen journalists last week during the SES conference in San Jose, Calif.
Schmidt was fresh from announcing Google's deals with Viacom's MTV Networks and News Corp's digital properties, including MySpace.

One question to Schmidt was when would Google leverage its sophisticated auction-based AdWords bidding model and let advertisers bid against each other in a transparent way for video placement?

Schmidt suggested that Google has already been working on such an auction-based AdWords service for video, but it's not yet ready for prime time.

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