21. A non-transitory computer readable medium containing computer executable instructions which when executed by a computer perform a method comprising: receiving a piece of source video content; receiving a selection to share annotations with a group of users who have access to the source video content; receiving an indication to record a first annotation comprising a video annotation having an audio track associated with a location in the source video content, wherein the location comprises an annotation linkage location; creating metadata associating the first annotation to the location in the source video content; receiving a new annotation associated with the first annotation and the location in the source video content; creating metadata associating the new annotation with the first annotation and the location in the source video content; converting the audio track of the video annotation to text to enable display of the text of the converted audio track and preclude simultaneous audio track playback; notifying one or more users of the group of users that the annotations are shared and that the first annotation and the new annotation are associated with the source video content; controlling interaction with the annotations according to varying levels of control including controlling which of the one or more users can access the annotations and which of the one or more users can create associated annotations; requesting a list of annotation linkage locations for annotations associated with the source video content prior to playback of the source video content including annotation linkage locations associated with the new annotation and the first annotation; enabling a display of the first annotation and the new annotation synchronously with playback of the source video content with the simultaneous audio track playback according to an optimal viewing format; enabling a display of the first annotation and the new annotation synchronously with playback of the source video content absent the simultaneous audio track playback according to a different optimal viewing format; storing the first annotation, the new annotation, and the associated metadata, wherein the associated metadata includes annotation metadata comprising a list of points in the source video content and a link to one or more annotations associated with each point including a timestamp, a frame marker, a chapter marker, or another annotation; and receiving an indication of a selection to view the source video content and the associated annotations.
21. A non-transitory computer readable medium containing computer executable instructions which when executed by a computer perform a method comprising: receiving a piece of source video content; receiving a selection to share annotations with a group of users who have access to the source video content; receiving an indication to record a first annotation comprising a video annotation having an audio track associated with a location in the source video content, wherein the location comprises an annotation linkage location; creating metadata associating the first annotation to the location in the source video content; receiving a new annotation associated with the first annotation and the location in the source video content; creating metadata associating the new annotation with the first annotation and the location in the source video content; converting the audio track of the video annotation to text to enable display of the text of the converted audio track and preclude simultaneous audio track playback; notifying one or more users of the group of users that the annotations are shared and that the first annotation and the new annotation are associated with the source video content; controlling interaction with the annotations according to varying levels of control including controlling which of the one or more users can access the annotations and which of the one or more users can create associated annotations; requesting a list of annotation linkage locations for annotations associated with the source video content prior to playback of the source video content including annotation linkage locations associated with the new annotation and the first annotation; enabling a display of the first annotation and the new annotation synchronously with playback of the source video content with the simultaneous audio track playback according to an optimal viewing format; enabling a display of the first annotation and the new annotation synchronously with playback of the source video content absent the simultaneous audio track playback according to a different optimal viewing format; storing the first annotation, the new annotation, and the associated metadata, wherein the associated metadata includes annotation metadata comprising a list of points in the source video content and a link to one or more annotations associated with each point including a timestamp, a frame marker, a chapter marker, or another annotation; and receiving an indication of a selection to view the source video content and the associated annotations. 26. The computer readable medium of claim 21 , wherein the first annotation is a sponsored annotation and the method further comprises: receiving an indication of a selection from a first user to view the source video content; determining if the first user has opted out of receiving sponsored annotations; and if the first user has not opted out of receiving sponsored annotations, providing the first annotation and associated metadata for display or play of the first annotation, wherein the first annotation is synchronized with the source video content.