Facebook has now snatched the second position as the site that drives video traffic for the third quarter of 2010. This Online Video and the Media Industry Quarterly Research Report was released after the conclusion of a joint study conducted by the online video technology firm Brightcove and the analytics company TubeMogul. Both organizations harnessed video-usage data from over 2,000 sites, specifically news and entertainment sites for the quarter 3 of this year.

The same report analysis the quality of video traffic: “Yet when users want to lean back and watch longer pieces of video content—it happens mostly on the weekends, the report found, on devices other than computers. Game consoles, which are increasingly being connected to the Internet and TVs, averaged 2:45 minutes per viewing session in Q3, found the report. Web video sites came in second with an average session of 2:27 minutes per view.”

When the bulk of information was further digested, it revealed more compelling results. One of which is that most videos are surprisingly consumed on weekdays, particularly on Tuesdays and Wednesdays. However, when you try to look into how long the video was played, it was shorter during the aforementioned days compared to weekends. These lengthiest online video sessions happen via videogame console rather than PCs or mobile devices. This revelation suggested that accessing Facebook and other social networking sites happen inside the workplace and would just resume watching videos over the weekend.

On another note, while Facebook has clinched the number two spot from the ex-runner Yahoo!, the social networking giant is still behind by a mile from another titan, Google. It seems like when Facebook is improving, it automatically knocks into the door of the current reign, which happens to be Google most of the time. The potential of Facebook in further gaining points is seen in terms of social sharing and social search mechanisms.

And why should Google  feel threatened with this growing margin? Aside from the glaring fact that Facebook has millions of users from all corners of the planet, the online video industry is booming and rapid growth is predicted to be experienced in the coming years. Recently, China’s largest video sharing site, Youku has announced its IPO to have reached $15.8 million per shares. In all fairness to Google, despite the threat that Zucherberg’s masterpiece is posing, the former is continuously trying to innovate their product. A few days ago, Google released two Youtube.com updates and extends online video expectations.