Last Monday I was speaking about the latest Video marketing trends. Visual storytelling will be more and more important and naturally video is the most important way to tell visual stories. Video is growing rapidly and currently there does not seem to anything stopping this rapid growth:
- Video just keeps growing
We are living in visual age. Picture tells more than thousand words and video tells more than thousand pictures. In next three years video will account 79% of all Internet traffic. Businesses are expected to spend nearly $13 billion on video marketing in 2018. Lots of the discussions about video is focused on entertainment, but we tend to forget that YouTube is the world´s second largest search engine. 75% of consumers believe that a video describing a service is important and 25% will lose interest if your company is not explaining through video.
- Catching the attention is more difficult than ever
1/3 of of all YouTube videos have less than 10 views. That is quite pathetic and showcases the wide gap between hits and misses. Within top 10 most watched videos in 2016, there was only one ad (Nike The Switch). Of all the top 10 most watched ads, half were actually Superbowl ads. You are not only competing with other brands, you are competing of the time of your audience.
- It is not mobile-first, it is mobile-only
Mobile video is growing 25%, whereas desktop video consumption is declining for the first time ever. People are already consuming video 36 minutes on their mobile devices compared to 18.5 minutes on non-mobile devices. This mobile shift will affect your video production: Have you thought about vertical videos?
- Consumers are craving for instant gratification
Unfortunately average human attention span has fallen below the one of goldfish, so not surprisingly 75% of consumers prefer video under 60 seconds. YouTube is aggressively pushing their 6 second videos, which is enough time to tell even world´s greatest stories (below is Hamlet):
- Video platforms are eying for the prime time
YouTube are evolving from dubious quality user-generated snackable content to full-blown entertainment powerhouses. YouTube has couple of interesting offerings: YouTubeTV (cable-free LiveTV) and YouTube Red (ad-free offering focused on music and content creators). Facebook has not exactly resting on its laurels and Facebook Watch provides original video shows.
- Video is getting more interactive and immersive
This quarter there were over 2 million VR devices shipped (ranging from no-frill Google Cartboard to top-tier Oculus Rift), but VR has not yet hit mainstream. It currently works well with events and gaming, but we have not yet seen the killer app (or device) that would break VR to become a household name.
Augmented reality is already more mainstream (with Pokemon Go last year and popularity of face filters in Snapchat and Instagram). New Apple ARkit will just keep on making Augmented reality more popular.
Based on the calculations by Credit Suisse, VR/AR market could become as big as the current smartphone market:
Source: Credit Suisse
So in the future, you do not only need to consider what is your content angle with your video. You have to also consider the depth of interactivity and immersion you want to obtain.
In many ways digital marketing is becoming more simple. It is all about two things: performance and content creation. The latter is all about video creation and to succeed in the market place, you have to be master of video production as well.