-By Mike Shields

Social network application firm SplashCast has launched a new technology platform that will allow brands to insert product placement messages within preexisting video content.

The Portland, Ore.-based startup company produces mini, multimedia applications that users can add to their MySpace and Facebook pages. To date, it’s built branded channels for various music artists such as Justin Timberlake and Chris Brown, who use these channels to deliver continuously updating content to fans via these social networks.

Now, with the launch of the new product HotSpot, SplashCast says it can highlight objects within specific videos as they are being streamed on its channels. Users can then click on those highlighted objects, such as a sports jersey or an artist guitar and link to information or shopping options for these products.

SplashCast believes that HotSpot will help advertisers tap into the huge audiences for social networking sites in more effective ways than basic traditional banner ads. “Advertisers need to provide compelling content that viewers opt-in to watch or they need to integrate their ads into existing content in an acceptable manner,” said Michael Berkley, SplashCast's CEO. “With the introduction of HotSpot advertising, SplashCast marketers can do both.”