An evolution of media consumption behaviors has seen a rise in time spent with video content. Specifically, digital video platforms are receiving increased attention, with consumers exploring a variety of channels also suited to the mobile device.
Social media has cottoned on, and dramatic advances in the competition for consumer attention will soon mean evolved offerings, opening new avenues for consumers and marketers alike.
Video Consumption Trends
Video content is the most popular form of content being consumed online. By 2017 Cisco predicts that video will account for 69% of all consumer internet traffic, and on-demand viewing will have tripled.
eMarketer claim by the end of 2015 U.S. adults will have spent an average of 5.5 hours each day consuming video content, with 76 minutes of this conducted on digital video devices (PCs, mobile devices and other connected devices). As TV viewing slowing shrinks, time spent with digital video is on the rise. 51% of this is with the use of mobile devices – a pastime that has seen huge growth in recent years.
According to a 2015 study from Google and Nielsen, time spent watching TV from December 2013 to the same month in 2014 dropped by almost 10%. Meanwhile the time spent on YouTube surged by 44%.
According to eMarketer U.S. digital viewing analysis, online audiences are continuing to opt digital platforms – with 49% respondents claim to have used online streaming subscriptions, network website viewing (42%), free sites and apps with ads (35%).
These findings show us a number of interesting consumption trends: TV viewership is slowly dropping, digital video platforms are gaining increased popularity – specifically on mobile devices, consuming video on-demand (VOD) through online subscriptions.
Perhaps this is no great revelation, however what may be more interesting is how the world of media production and advertising will react to quickly capitalize on this phenomenon.
Evolving Industries
This April, Facebook CEO Mark Zuckerburg reported, “In five years, most of [Facebook] will be video.”
Facebook today averages 8 billion daily video views, from 500 million users. The social media giant additionally claims 75% of these views take place on mobile devices.
Evidence of its evolving video offering can been seen in the recent testing of its YouTube-like dedicated video hub. The Video tab will home all the videos shared by a user’s friends and followed pages – Facebook’s own version of a hybrid of YouTube and Instagram.
Facebook is also developing its “Suggested Videos” concept, designed to push recommended videos based on user behaviors. These will include video ads – in a continuation of a developing video offering that looks set to rival YouTube. Facebook is also experimenting with the Save option – allowing users to store video content, for consumption at a later time.
Facebook is embracing a trend of on-demand, platform based viewing, using user behavior targeting for improved experiences. This illustrates a focus on increased digital engagement, in attempts to keep users engaged within the Facebook domain.
What This Means For Marketers
Marketers today have a powerful tool in the medium of video. Advanced creative solutions drive high brand awareness and proven improved engagements. VentureBeat recently reported video ads delivering on average five times the level of engagement compared to the traditional banner display ad.
Video ad-tech company Unruly last month unveiled its 2015 video ad analysis, reporting “a highly emotional year for video ads” that provoke strong responses, frequently aligning themselves with relevant social causes. Unruly reported Android’s “Friends Furever” as the most-shared ad of 2015. The video takes advantage of online fascination for animal antics, and saw great viral success – with 6.4 million shares and over 21 million YouTube views of the playful duos that stress the value of “togetherness.”
Statista reports that 78.4% of U.S. internet users watch online videos, exemplifying the enormous reach this can bring. Brands are gaining increasing global reach through successful video campaigns, and organic growth through user sharing on social networks. A result of this growing opportunity is evident in Nielsen statistics, with 64% of marketers expecting video to dominate their strategies in the near future.
New formats of video, offering bite-size content, 360-video and much more available to host and share through social sites mean marketers today can be creative with video solutions.
Avdiel Cano, founder and CEO of Vidooya Inbound Video Content Marketing shares his insights in a quickly evolving industry.
“We live in an information overload era, professionals are faced with an overwhelming amount of text every day, a good video cuts through this. It has been proven that viewers retain 95% of a video, compared to 10% of text, this alone is candy for today’s marketers.
Social media has become the most effective method for content distribution, it is by nature engaging. It is also free for marketing teams and comes with the lure of viral sharing. As these platforms adapt their video offerings we can expect a huge push for video content marketing. If you combine this with a rise in mobile usage you have a very powerful communication tool.
As we merge traditional content marketing with video, we need to note that lead generation and lead nurturing are at the core of every serious and successful campaign; therefore, we will soon see more innovation in terms of video lead generation.”
Evolving habits and new offerings look set to keep the digital world on its toes. As these varying solutions continue to develop in tandem with social media pushes to adopt video as a primary form of content, in turn we may expect a fresh wave of new online behaviors.
