Tag Archives: virtual reality

Video Killed The Digital Star: 6 Key Online Video Trends

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:

  1. 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.

  1. 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.

  1. 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?

  1. 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):

  1. 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.

  1. 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:

Screen Shot 2017-10-16 at 4.01.47 pm

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.

Advertisements
Tagged , , , , , , , , , , , ,

Virtual Reality Just Needs Its Own Pokemon GO

Augmented reality has been up and coming for years. There were already augmented reality games for Nokia N95. For various reasons it never really took off. Just as we ticked off augmented reality as the buzzword that will just dwindle and die, Pokemon GO happened.  And in just couple of weeks Nintendo´s stock has gone up (and back down), searches for Pokemon porn (I did not even know about this subgenre) skyrocketed, many people have died, amount of daily users has surpassed Twitter and people spend more time on Pokemon Go than Facebook. And let me repeat, Pokemon GO is an augmented reality app.

The success for Pokemon GO is easy to dissect to these three principles:

1.Easy to start, hard to master
Pokemon Go is simple game, you can start it right away but mastering it takes a lot of time. If you need to explain what you get from VR experience it is too complicated, it has to work right away.

2.Global brand attracting wide range of audience
Pokemon works on many levels and many audiences. For some they are totally relevant at this life stage, for some nostalgia and for some just cute. Until there are blockbuster game or movie (with household name) done in VR, there will be no Pokemon GO phenomenon in VR.

3.Perfect combination of real and digital
Pokemon Go did what Fitbit failed to, got people moving. People still crave for human connection and perversely Pokemon Go has given it. We need cute characters to get us out, move and meet new people. Like Pokemon GO, VR makes our boring reality more interesting but it has even more opportunities. With VR you can totally escape your boring life. Quite an intriguing promise I would say.

Virtual reality will probably also be driven by porn, but there are still couple of hurdles for the success. The VR glasses are still quite clunky and you look dorky when you use it (not to mention you start feeling sick). Therefore, you need more people looking dorky that you can start using VR openly (e.g. skinny jeans, man buns, athleisure). Other part is that VR has not really yet come pass the stunt phase where it is just cool to do something with the technology instead of doing cool things that have true meaning. This is opportunity for advertisers though, because it is still quite easy to make good impression with quite basic VR installations especially in events. This Singleton section was one of the most popular booths in Epicurean festival in Singapore. Main reason was the virtual reality whisky tasting:

singletonvrbooth

There is no question will the VR blow up. It will. The real question is timeline. Two months ago no one would have talked about augmented reality and now it is the hottest technology in town. In this digital age, you just need to one big hit and it will hit immediately.

Tagged , , , , , , ,

The Guide To Predicting The Future

“Two decades is a sweet spot for prognosticators of radical change: near enough to be attention-grabbing and relevant, yet far enough to make it possible to suppose that a string breakthroughs, currently only vaguely imaginable, might be then have occurred. ..
Twenty years may also be close to typical duration remaining of a forecaster´s career, bounding the reputational risk of a bold prediction”
-Nick Bostrom (Superintelligence: Paths, Dangers and Strategies)
 
Not unlike other fields, advertising industry is full of bold predictions. Majority of them are completely off-the-mark. Predictions seldom come with accountability. The temptation to come with sexy soundbite lures you more than truly thinking about potential outcomes (or actually predicting the future). It is better to have a bold opinion than to be right:
 
“An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today. ”
Evan Esar

I have read in multiple sources that this year will be the year of VR. This is a great example of Amara´s law, overestimating nascent but highly visible technology on short run:

“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.”

VR is currently at the sweet spot of being obscure enough that making predictions about it can raise eyebrows (no one should not be shocked anymore that future is mobile for example). On the other hand, there are enough tangible examples of it so people can understand it. The innovations that will truly revolutionize advertising are harder to grasp at this moment or have not even been developed yet. When they will truly happen, they are too obvious then to catch the headlines.

Tagged , , , ,
%d bloggers like this: