Needs Work, but Good Start
To me, this seems like a good rough draft. It needs quite a bit more polish. To start with, the background is pretty boring. You might think about adding an inner glow in a darker color, like in this kinetic typography vid: http://www.youtube.com/watch?v=ejweI0 EQpX8
I know you used all red text to maintain continuity, but after watching for under a minute, i started to lose interest in it because the text was so monotonous. Even if you choose to stick with red only, you might consider different tints and shades of red to add some interest.
I agree with TheInXorable, the horizontal to vertical orientation change is hard to follow. It's also confusing when you use a letter from one word to start another word, scrabble-style. You need to keep a close eye on your leading and kerning and tighten it up overall. Some of the words had very irregular kerning and it was distracting.
You made a good song choice, with lots of interesting imagery in the lyrics. You need to take advantage of that imagery with some variety regarding color and texture.