Scroll through your Facebook, Twitter, or Instagram feeds at any given time and you will notice an abundance of shared videos and live recordings. We’re living in an era where we have numerous things to pay attention to—making our attention span minimal. Internet users want their information and they want it right now; that’s why social media platforms and brands seek short, easy and entertaining methods to reach their audience.
According to Cisco, online videos are accounted for 68 percent of all consumer internet traffic. By 2020, this figure is expected to rise to 82 percent, while the number of mobile phone video viewers is expected to reach 123.9 millions by the end of 2017.
Instead of Googling articles for tips, people now look for tutorials and explainer videos on sites like YouTube and Vimeo. A study shows that mobile “how-to” searches on YouTube are growing 70 percent year-over-year and more than 100 million hours of how-to content have been watched in North America this year so far. Forrester researcher Dr. James McQuivey estimates that a one-minute video is worth 1.8 million written words; as in, what you can write in 1.8 million words, you can illustrate visually in one minute! Proving yet again how powerful videos are in today’s world.
Digital media platforms and online marketers have seen a massive opportunity and have decided to seize it. They’ve also realized that videos do not always have to be B2C-oriented, they can also be B2B; they also use them to communicate with potential clients, employees and other enterprises, which unleashes a pool of prospects for their businesses.
Video ads are a particularly effective on millennials. This age group is 112 percent more likely to share online video ads. In fact, nearly one in three millennials say they’ve purchased a product as a result of watching a how-to video. Video ads mark the emergence of a new, more effective money-generating avenue for businesses. Yet most brands’ marketing plans are still stuck with traditional one-way media means, such as regular TV ads, with no signals of intent from the audience.
A successful example to video ads and web traffic is Instagram, after a major decision to extend their maximum video length from 30 to 60 seconds, an increase in the share of total ad impressions followed; from 43 percent in January to 59 percent in February 2016 according to Business Insider.
The video market will keep on developing to fit more with audience’s preferences. Not only adapting with people’s fast-paced lives, but also providing the best utilization of information and visuals there is. Video ads will continue to be a source of revenue streams for social media platforms and apps. Finally, marketers should work on implementing this booming market into their businesses and on being part of the new digital media age; because videos are here to stay.