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.
Top 5 Video Trends That Will Change the Way Brands Engage Their Audience in 2020 and Beyond
Trend #1: Shorter Videos Are Gaining More Audience Engagement
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.
Trend #2: Live Videos are Rising Up in Popularity
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.
Trend #3: Growing Preference for Video Reviews Over Existing Blogs and Review Sites
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!
Trend #4: Massive Shift Towards Consumption of Online Video on Mobile Devices
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:
- Audiences are more likely to watch a video on their mobile devices – a likelihood that’s 150% more as compared to them watching the same video on a laptop or PC.
- Over 75% of all online video plays happen on mobile devices.
- Mobile video consumption is constantly on the rise, increasing by 100% every year.
- 92% of users who watch a video on a mobile device are likely to share it with others in their social network.
Trend #5: The Rise of 360-degree Videos
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.
Brand marketers need to focus on creating video content that not only stands out from the crowd, but also makes the audiences crave for more. Making optimal use of storytelling in your online videos is no longer an option, but a necessity for marketers who are serious about making their brand narratives memorable and drive more brand awareness, engagement, and eventually conversions. Working with trusted video production partners and fine-tuning your video marketing strategy can help you put the right messages in front of the right audiences at the right time.