Goodwin's theory of music videos identifies 5 key aspects: 1) Thought through beat - analyzing the music structure and voice of the artist. 2) Relationship between music and visuals - using visuals to illustrate, create disjuncture, or amplify the lyrics. 3) Narrative and performance of the song - importance of the artist's involvement. 4) Star image - focusing camera shots on the protagonist to promote their public image. 5) Technical aspects - using elements like lighting, effects, and editing to hold the video together and set mood.