Video and COVID-19: A story of disruption
COVID-19 has changed the way we perceive the world in every way possible. Our daily lives, our habits, routines, the way we interact with each other. As far as the global economy is concerned, you will find countless articles and videos about how lockdowns implemented worldwide have affected all countries with no exceptions.
When lockdowns were still in place, movie theaters were closed; there were no restaurants to dine in, and public gatherings were forbidden. People around the world were forced to remain home to help stop the spread of the virus.
Since then, they have had a lot of spare time at their disposal. As a result, online video consumption from home increased massively. Humans already find videos more engaging, more popular than any other medium. The COVID-19 pandemic, and the changes that it is bringing at breakneck speed, has further solidified people’s aforementioned perceptions vis-à-vis videos.
Video content was already experiencing an exponential growth before COVID-19
In the digital era, video already occupies a big segment of the Internet sphere. Prior to the emergence of the novel coronavirus, the volume of video content online was already experiencing an exponential growth. The statistics speak for themselves.
According to a report made by Cisco, by 2020, there will be close to 1 million minutes of video crossing the internet per second. Another report by YouTube stated that users around the world viewed more than 1 billion hours of video each day on the platform. A study conducted in 2017 by social media giant Facebook stated that people are 1.5 times more likely to watch video on their mobile phones.
Social Distancing: New normal, new rules.
Since social distancing is required in order to prevent the rise of new cases, barring extraordinary circumstances, we are unable to see friends, loved ones, and work colleagues in person.
With actual social gatherings on pause, people are now resorting to use videoconferencing applications to socialize, or liaise within a virtual space.
Teleconferencing companies have gained substantial traction due to the impact of the pandemic.
For example, Zoom Video Communications, or Zoom, has become a name synonymous with the new normal implemented under COVID-19. For its Q1 performance, the company has reported a staggering 169% year-on-year increase in revenues to $328.5 million. The company has also turned a profit of $27 million, compared with just $198,000 last year.
Long story short, our tolerance for screen time has never been higher. This new normal is unlikely to change in the short run. Consumers are and will spend more time online to virtually connect with others. The same rule applies when it comes to streaming entertainment.
Pandemic = More video-on-demand.
Ever since stay-at-home orders went into effect, audiences have been increasingly looking to stream video content through video-on-demand (VOD) services. According to an article published by Variety last April, the pandemic has driven a “30% year-to-year jump in video on demand viewing for March” in the United States alone. In case you were wondering how this related to marketing, check out our blog post about the video marketing funnel.
Media services provider Netflix, is one of the primary beneficiaries of the impacts caused by the coronavirus. The company more than doubled the subscribers it forecasted during the first quarter of 2020, and added 15.77 million paid subscribers globally, compared with the 7 million forecasted subscriptions. Netflix’s stock is also up by approximately 35% this year.
Explainer Videos: An ideal post-lockdown tool for communication.
As previously explained, businesses have been forced to rethink their marketing strategies after the outbreak of COVID-19. Re-adjusting their business approach also entails changing how they engage and connect with customers and employees alike.
This whole approach implies a more accelerated digital transformation through videos. And one of the best video types that help achieve that goal are EXPLAINER VIDEOS.
What is an Explainer Video:
An explainer video is a short, concise marketing video that explains a product or a service offered by a certain company.
What is their worth?
Explainer videos provide for a very effective medium for engaging with consumers. They have an ability to explain difficult concepts in an easy manner using rich, appealing visuals.
Several studies have shown that this medium is liked by both marketers and consumers. For instance, 83% of businesses state that their homepage explainer videos are effective and boost conversion rates. 95% of people have watched an explainer video to learn more about a product or service.
Perhaps the most significant trait of explainer videos is that information disseminated by them are more likely to be retained by consumers. Mental stimulus is especially boosted from visuals. This is why explainer videos can be so effective in terms of interacting with consumers and employees. In the era of COVID-19, businesses, consumers, employees and students are all forced to adjust the way they approach their respective tasks and problems. Explainer videos are at the forefront of that change.
As we continue to deal with the aftershocks of the COVID-19 pandemic, we are becoming increasingly reliant on services that allow us to work, study, and socialize from home.
These services, regardless under which industry and market segment they operate in, use video as the primary medium, or relay, to reach out to consumers.
As a whole, COVID-19 has not only accelerated certain trends regarding video content and consumption. It has also triggered a tectonic shift in consumer behavior, and industries will be forced to adapt to its knock-on effects, or fold altogether.