There is much more to the announcement of Australian telco Telstra writing off over $500 million in its OTT video and analytics technology subsidiary Ooyala than first appears. Vendors similar to Ooyala are now essentially worthless, ravaged by the commoditization of video technologies inside cloud technology titans like Amazon Web Services – in what should be triggering alarm bells at companies the world over. Three and a half years after acquiring Ooyala for $270 million and spending hundreds of millions of dollars more on building it up, the write down of the company to a value of zero encapsulates a shift in the video market which has been approaching for some time. Faultline Online Reporter’s suspicions about Ooyala’s future have…