Experts believe that online video consumption is set to grow manifolds in times to come, with an estimation that one million minutes of online video content will be served to consumers every second by 2021. Online video consumption will account for 82% of total internet traffic by 2022.
Without a doubt, online video has become the king of digital media formats today. Platforms like YouTube and Netflix have long found their way into the lives of the majority today. However, online content mediums like video are constantly evolving.
In this article, we will have a look at some of the top trends that are emerging in the world of online video today, and understand how brand marketers can leverage some of these trends to their benefit in 2020 and beyond.
Long-form videos, or videos with 20 minutes or more of content, receive an average 25 percent completion rate, whereas videos that are 60 seconds or shorter have a 68 percent completion rate. No wonder why more than 73 percent of online videos shared by businesses and brands today are of average two minutes or less in length. By looking at these stats, it just makes sense to pack as much high-quality content in as short of a video as possible, if achieving high audience engagement rates is one of your top priority digital marketing goals.
Did you know more than 80% of consumers would rather watch a live video from a brand than read their social posts or blogs? Furthermore, it’s predicted that 17 percent of online video traffic will be in the form of live online video by 2022, growing by 15 times in comparison to 2017.
This is why it’s becoming essential for brand marketers to utilise the potential of tools like live webinars for engaging with their target audiences. There’s a plethora of options for digital marketers today when it comes to choosing live video streaming platforms – you just have to zero-in on the platform(s) which your target audience frequents the most, depending on your industry or vertical and several other factors, such as the target demographics.
Online video can be a great tool for brand marketers who want to build credibility and grow their business. According to the latest data on the state of video marketing, 85% of consumers would like to see more video content published by brands, as it could be helpful in their decision-making process when shopping for products online. In fact, 72% of customers would prefer learning about a product or service of interest via online video. Certainly a trend worth exploring, if you are a brand marketer!
Here are some interesting stats that demonstrate the value of having a unique content delivery strategy catering to mobile device users in 2020 and beyond:
360-degree videos are a lot more accessible these days, thanks to the popularity of smart devices and VR headsets. As a result, audiences are 29 percent more likely to view a 360-degree video compared to the same video in a traditional media format.
In addition to this, the 360-degree video format is shown to increase the users’ purchase intent by 7 percent, while also helping brands tell their audiences a unique story and stand out from the crowd.
