Internet of Things (IoT) systems cannot successfully realize the notion of ubiquitous connectivity of everything if they are not capable to truly include ‘multimedia things’. However, the current research and development activities in the field do not mandate the features of multimedia objects, thus leaving a gap to benefit from multimedia content based services and applications. In this paper, we analyze this issue by contemplating the concept of IoT and drawing an inspiration towards the perspective vision of ‘Internet of Multimedia Things’ (IoMT). Therein, we introduce IoMT as a novel paradigm in which smart heterogeneous multimedia things can interact and cooperate with one another and with other things connected to the Internet to facilitate multimedia based services and applications that are globally available to the users. Some applications and use-cases for IoMT are presented to reflect the possibilities enabled by this new paradigm. An IoMT architecture is then presented which is segregated into four distinct stages; (i) multimedia sensing, (ii) reporting and addressability, (iii) multimedia-aware cloud, and (iv) multi-agent systems. Instead of proposing specific technical solutions for each individual stage of the presented architecture, we survey the already existing technologies, providing a synthesis for the realization of the vision of IoMT. Subsequently, various requirements and challenges as well as the feasibility of existing solutions for each stage of proposed IoMT architecture are comprehensively discussed.