Adobe announces Project Primetime video platform, Highlights available now for iPad (Update: video)

If you've been wondering what Adobe had in the works after laying Flash Player for mobile to rest, the wait is over. The outfit has unveiled the codenamed Project Primetime, the "industry's first fully integrated video technology platform" that will offer television-esque viewing sessions across your web-enabled devices. This tech plays nice with all "major" mobile platforms -- including iOS -- as well as desktop operating systems and smart TVs. Touting a workflow that pulls together streaming, content protection, analytics and advertising, the software will allow media providers to offer live and on-demand viewing on a number of internet-friendly devices. The first portion of Adobe's project, "Primetime Highlights," is available today for the iPad and showcases a video editor (pictured above) alongside the Auditude ad platform. Don't fret, though, support for other platforms is coming later in the year. While Primetime is on display for the first time at MWC, parts of the new tech will see daylight throughout 2012. If you're looking for some more details, hit the full press release below.

Update: We added a quick video demo from the Adobe Blogs below. [Thanks dude2k5 for the heads up.]