Over the last few years the streaming of video content online has risen dramatically, and it’s predicted that this will increase in the next few years.
For many, streaming video is much easier than reading text, particularly if they’re using a small-screen mobile device. That means that if you’re serious about marketing products and services you really can’t afford to pass on video. Don’t believe me? Let these statistics do the talking!
1. The growth of video content online
Let’s begin by looking at the phenomenal growth of uploaded content to YouTube and Facebook.
- billion hours of video are watched on YouTube every day, with a user’s average viewing session lasting 40 minutes (source: YouTube)
- 500 billion videos are watched each day on YouTube (source: com)
- 300 hours of new content is uploaded every minute (source: com)
- YouTube has 1 billion users, and reaches more viewers than US cable TV networks (source: YouTube)
It’s a similar story with Facebook:
- 8 billion videos are served every day (source: com)
- 45 billion users are active every day (source: Facebook Newsroom)
In fact, the growth is so high that by 2019 online video streaming is expected to account for 80% of all internet traffic! (source: Cisco.com)
2. The growth of mobile drives video as the preferred medium
One of the most significant changes we’ve experienced over recent years is the growth of mobile. As devices become cheaper and cellular networks reach more and more people they’ve now become the dominant way we access the internet. This phenomenal growth has shaped Google’s guidelines for the way we now create, optimise, and serve online content.
- 77% of Americans now own a smartphone (source: Pew Research Center)
- 95% of US teens have access to a mobile phone and 45% are “almost constantly” online (source: Pew Research Center)
- 25% of US adults also say they are online “almost constantly” (source: Pew Research Center)
- 20% of Americans are now “smartphone-only” internet users (source: Pew Research Center)
If you’re looking for global marketing opportunities, look no further than India, China, and many African nations. Internet cost is still often a prohibitive factor in these countries so users tend to access the internet primarily through mobile connections via smartphone.
The growth of mobile has played a significant role in changing our internet preferences. Navigation and reading of text-heavy pages is less efficient on small-screen mobile devices and that is reflected in our growing preference for video content as the following stats suggest:
- YouTube mobile video consumption effectively doubles every year (source: Forbes)
- 55% of people watch video content online every day (source: Forbes)
- 53% of people say they want marketers to produce more video content (source: Hubspot)
Interestingly, because a lot of video media is streamed “on the go” for example while going to work on public transport, sound isn’t as important as the visual aspect; many viewers watch videos only. Facebook’s autoplay feature for videos that appear in users’ newsfeed contributes to this trend. Therefore, to get the best bang for your buck in terms of video marketing, videos should be able to be understood without sound or utilise closed captions or subtitles.
3. The effectiveness of video over other content forms
From a marketing point perspective how does video compare to text and image-based content?
- 95% of consumers say they watched a product video to learn more and 81% of them were convinced to make a purchase (source: com)
- 92% of mobile users say they share video content (source: Forbes)
- 76% of businesses with product videos say their sales have increased, while the improved educational quality of the content reduced support enquiries by 47% (source: com)
- 99% of businesses that have previously used video marketing intend to do so again this year, with 85% of them stating that video serves an important role in their marketing campaigns (source: com)
The message is clear
What is crystal clear, according to these statistics is that the trend of video is here to stay, if not increase, at least for the foreseeable future. In conclusion, video is the preferred medium for viewing content. Mobile internet usage is the dominant way consumers are accessing video content and both are set to make further gains this year and into 2019.If you are interested in increasing market penetration, brand awareness, and ultimately sales or conversions, you can’t afford to ignore the role video has to play. I suggest embracing video content and marketing as a tool to be used in conjunction with your overall marketing strategy.