Despite media-focused web sites like Flickr for images and YouTube for videos, text is very important on the Web. Most web sites primary content is text. eBiz | MBA has a list of the fifteen most popular web sites. YouTube (videos) and Pinterest (photos, mostly) are on the list, but text is the clear content leader for the other 13. You could even make a sound argument for the value of text on sites like YouTube and Pinterest. If it wasn’t for text on YouTube, you wouldn’t be able to find videos by searching or have a clear idea of what they were about before playing.
So, don’t discount the importance of text and text formatting on your web page.