There’s no doubt online video is getting more popular, but at this rate, video will soon dominate the majority of our time spent online. Sure, as the new video guy I’m probably a little biased, but online video production will account for more than one-third of all online advertising spending within the next five years.
In my opinion, there are 5 big reasons for this.
1. People are consuming their entertainment online
“I stopped paying for TV before it was cool.”
- Convenience: Why re-schedule your day to catch the new episode of Desperate Housewives when Hulu will stream it whenever you want.
- Quality online video finally offers the same HD quality that television offers.
- Any Device: Online video can be seen on lots of different devices. From an iphone to a computer, people can essentially watch video anytime, anywhere.
- Searchability. Say you want to find a video where Darth Vader plays the bagpipes on a unicycle.A few simple keystrokes can take you to any video you want to see.
- Reach: Your video can be seen by literally anyone in the world.
In 2012, If you own a website, you virtually own a TV channel. And the web is broadcasting 24 hours a day, 7 days a week.
2. Attention Spans
“What else is on?”
In a competitive marketplace, attention is vital. And the question becomes: are people actually paying attention to videos played on the internet?
85% of people use their tablet while watching T.V. And In a competitive marketplace, attention is vital. The amount of video online caters more towards the facebook generation’s goldfish-like attention span.
But are people actually paying attention to videos played on the internet? According to a study by Visible Measures, 20% of online video viewers click away from a video in the first 10 seconds or less. By 30 seconds into an online video up to 33% of viewers have moved on; at 1 minute 44% have left (regardless of the clip’s length) and almost 60% have abandoned by the 2 minute mark.
So for your business, A short concise message means more views, more shares, and more opportunity to reach your target market.
3. Social Media
“Check out this video that was on my newsfeed today! Its called the Cinnamon Challenge!”
The advent of marketing through storytelling has arrived. Brands are moving away from direct advertising and towards original video content that creates long-standing customer/brand relationships. Brand loyalty is a big issue for marketers, and sharable video is one of the best means to get it. Look at the Red Bull’s flawless example. Granted, not every business can send someone to skydive from the stratosphere. But its proof that the days of direct consumer advertising are dwindling. They used video content to engage their target consumers instead of pushing their product directly. Video content leaves a lasting impression, creates brand loyalty, and also has major pass-along value for the consumer.
There’s a reason your cat video hasn’t gone viral.
There is too much quality content on the web today for anyone to waste time watching a poor quality video. Until very recently, if you wanted to make a high-quality video, it was going to cost you. However, significant technological improvements in the last ten years have made possible to produce quality HD content for a fraction of the cost. While creating professional video still takes a great amount of skill and experience, the cost has diminished significantly. Small businesses don’t need to make a huge investment to experiment in the medium, but there is a high ceiling for return. So while we still have our fair share of poorly shot cat videos on YouTube, there has been a huge influx of high-quality video recently. For your business, this translates into less financial risk to get started and an opportunity to add some fresh thinking and young talent to your team.
Because sharing is caring!
Not long ago, your email inbox was probably being cluttered by dancing babies and the Star Wars kid. Since then, video has found more convenient platforms than your email inbox for hosting and sharing. And if you’re like me, the majority of the videos you watch are ones your friends shared with you. This presents huge value for marketers. One view can turn into ten if the video is shared with friends via social media.
Whether your video is about the mystery of unicorns (I’d watch it) or a weekly web series about SEO ranking factors, chances are there are blogs and sites who want to share it. All it takes is a bit of research and outreach.
Video is here to stay. The time to think about including it in your marketing plan is now.
PS. Its not all my opinion. Here are some facts to chew on:
• By 2013, 90% of Internet traffic will be video.
• Advanced Internet video (3D and HD) will increase 23-fold between 2009 and 2014.
• By 2014, 3D and HD Internet video will include 46% of Internet video traffic.
• In the same time frame, online video ad spending will swell from $1.97 billion to $5.71 billion.
• Video ads accounted for 12.4% of all videos viewed and 1.2% of all minutes spent watching video online.
• Top video ad networks potentially reach the following proportions of the total U.S. population: Google Display Network at 46.7%, Tremor Media at 46.3% and BrightRoll Video Network at 37.3%.
• In February 2011 there were 3.8 million video ads, which averages about 30.2 ads per viewer and reached 42% of the total U.S. population.
• According to comScore Video Metrix, in February 2011 the total U.S. unique video viewers on the Internet was 169,646 with an average of 816.4 minutes per viewer.
• Google sites had 141,065 total unique viewers, averaging 261.6 minutes per viewer in the month.