As online ads becoming an increasingly important revenue stream for companies, the industry has decided it's time to bring in some rules.

The Internet Advertising Bureau (IAB) is going to launch the first industry-wide standards for online video advertising.

Backers already include AOL, Bauer, BSkyB, Channel 4, CNET Networks, The Guardian, ITV, Microsoft and The Telegraph.

The standards are being launched in response to concerns that advertisers are not making the most of online video opportunities.

Says Media Week: "The IAB said that while online video usage is rapidly increasing, media owners are receiving a multitude of file types of varying degrees of quality.

"The IAB standards are designed to simplify the planning, creative, booking and buying process – particularly for cross-site campaigns."

Recommendations include that video ads should be 15 seconds or less, and that they should be in widescreen (16:9 ratio.

Oh and legible text, which is surely just common sense!