Listening to key executives talk at Web 2.0 Summit in San Francisco today, Google is clearly very bullish about two key things: Google TV and display/video advertising.

Earlier in the day, Google CEO Eric Schmidt went to bat for Google TV. Later, Google Global Sales Operations and Business Development, Nikesh Arora, said that in 5 to 8 years everyone will have an IP television, like Google TV.

So why is Google gaga over this space Well, advertising, of course. Arora noted that the moment you stick a broadband cable behind your TV, you can create brand engagement rather than just the standard old brand awareness. That&'s what Google does. But they&'ve only been able to do it mainly with text-based ads up until now.

But Schmidt noted that display is Google&'s fastest growing business now. He also believes it&'s going to be Google&'s next big multi-billion dollar business.

Arora noted that the display advertising business is actually older than the search advertising business �a4���a4� it is what the Internet was built on �a4���a4� but then it stagnated. Now it&'s time to jump start things.