Borrell Associates released a report about video advertising that offers an insightful take on what’s happening across the industry.

In 2006, newspaper-run Web sites captured about $81 million in locally spent streaming-video advertising, while local TV broadcasters captured about $32 million. Although it is small potatoes in the $280 billion U.S. advertising industry, it spotlights a fascinating phenomenon: Print media are using the Internet as a crossover platform to tap traditional TV advertisers, just as TV stations (and others) are trying to use the Internet to tap traditional print advertisers.

Local newspapers are emphasizing video while local TV stations are focusing on classified advertising. Can both be making the right move?

If newspapers make enough inroads into the video market, then they’ll attract advertisers that TV Web sites can’t afford to lose in the long run. On the flip side, if local TV stations succeed at stealing classifieds revenue, I doubt it will have much effect on newspapers. After all, they’re already losing that money at the hands of Monster, Craigslist and company.

TV Web sites ought to wake up before it’s too late. It should be embarrassing and alarming that newspapers earned $49 million more in video advertising revenue. This should be solidly TV money. But as slow as newspapers might be in moving online, television stations are even slower.

Finally, it looks like we get to eat someone else’s lunch.