This technical report introduces Pegasus-1, a multimodal language model specialized in video content understanding and interaction through natural language. Pegasus-1 is designed to address the unique challenges posed by video data, such as interpreting spatiotemporal information, to offer nuanced video content comprehension across various lengths. This technical report overviews Pegasus-1's architecture, training strategies, and its performance in benchmarks on video conversation, zero-shot video question answering, and video summarization. We also explore qualitative characteristics of Pegasus-1, demonstrating its capabilities as well as its limitations, in order to provide readers a balanced view of its current state and its future direction.