The numerous benefits of video could soon transform it into the marketing tool of the future.
Bruce Woolley and The Camera Club released the song/video “Video killed the radio star”, referring to the death of radio as video became a stronger tendency. Little did they know the song remains the same, but with a different name.
“Smartphones are already the favorite screen among the ‘three screens’ for viewing various types of productions,” said Chris Pearson, President of 5G Americas in the study conducted by this association. Although the screen is small, the consumption of mobile video is becoming an important part of the changing television landscape. Projecting through cell phone has shown accelerated growth rates in LTE networks and is expected to grow to more than 6 exabytes of data by 2020, meaning a 46% growth year-over-year. As technology adoptions grow, video in the palm of your hand will represent 79% of all mobile traffic for that year.
Cisco Systems, on the other hand, projects that video will comprise 82% of consumer internet traffic in the U.S. in just a few years, becoming one of the most popular types of content on the internet, injecting human elements to the market.
The 2019 report on video marketing statistics by wyzowl shows that 87% of businesses now use video as a marketing tool, showing a sharp rise from 63% in 2017, and 81% in 2018. 91% of video marketers consider video an important part of their marketing strategy, increasing from 82% in 2017 and 85% in 2018.
Meanwhile, 90% of video marketers feel that the level of competition and noise has increased in the past year, however, 99% of video marketer assure they will continue to use video in 2019, with 88% saying they’ll spend more than they did in previous years.
Another relevant fact is that 30.6% of millennials said they saw more than 2 hours of video per week, while 11.7% saw more than 5 hours per week and were more likely to use their data connection while doing so.
Operators already adopt a “mobile first” strategy to reach millennials who are twice as likely to watch videos on their mobile devices than on a television.
Despite the increasing amount of premium content available for mobile devices, short uploads and user-generated content are still popular. However, long-term content consumption, in particular hyphenated and episodic content, is rapidly gaining ground.
The possibility of live video
Research continues to show that live video streaming is overtaking traditional websites, blog content, and video-on-demand as the most dynamic marketing tool available for businesses today.
Whether it’s streaming a product launch, running B2B webinars, offering Q&A sessions, or streaming product reviews, live videos are becoming an established part of a successful marketing strategy.
A 2016 poll by Livestream found that 80% of respondents would rather watch live video from a brand than read about it on a blog or website, and 82% prefer live video content to traditional social media posts. According to the poll, industries that have most successfully embraced this technology include news media, the concert and live event industry, and universities, yet many others are looking to capitalize on the instant connectivity of live streaming to reach their audience.
Industry expert Jeff Bullas explains how leading brands such as Chevrolet, BuzzFeed, UFC, and Dunkin’ Donuts have all had success by providing their customers and audience with such content, pointing to how live video gives firms the opportunity to interact in real time with customers through Q&A sessions, interviews with experts, and live demonstrations of their products.
The key is the unique appeal of live content. According to research by Tubular Insights, average time spent watching video on mobile devices is 2.8 minutes for traditional video-on-demand (VOD) versus 3.5 minutes for livestreams; on tablets, 4.1 minutes for VOD versus 7.1 minutes for livestreams; and on desktop devices, 2.6 minutes for VOD versus 34.5 minutes for livestreams, suggesting that the interactive nature of live content is the future for businesses looking to hold the attention of audiences.
People buy from people
“Live video helps brands inject an authentic human element into their market, which is often missing in highly produced pre-recorded videos,” Bulla writes.
“After all, people want to buy from other people, not faceless corporations.”
The proof is in the success of the firms who are pushing ahead with such technology, and with research by Cisco estimating that video will make up 82% of all Internet traffic by 2021, the phenomenon is only likely to grow.
Marketers not using video
However, 4% of marketers NOT currently using video as a marketing tool said they expect to start using it in 2019. (As opposed to 34% in 2017, and 65% in 2018), according to wyzowl.