We’re not talking old school VHS or the drag of actually having to leave your house to choose the next ‘must watch’ Blockbuster film, but the rise of video online. Video is everywhere! Last year we saw Twitter launch video autoplay into our feeds, Facebook gave us the option to buy video ads, Periscope arrived in March and last week Netflix announced that it will now be available EVERYWHERE! Well, almost. It has been reported recently that by 2017, video will account for 69% of all consumer internet traffic. Mad, right? No, it will continue. In 2019 it will take you as an individual over 5 millions years to watch the amount of video that will cross the internet in a single month. That’s right, a single month! Every second, nearly a million minutes of video content will be shared. You had better sit back and relax.
Video looks to become the future of content marketing. YouTube now has over a billion users. This works out at almost a third of all people on the Internet. One in three Britons view at least one video online a week, a weekly audience of more than 20 million here in the UK. Online video now accounts for 50% of all mobile traffic too. Mark Zuckerberg recently announced that Facebook is generating 8 billion video views per day. According to data from the social media giant, the number of video posts per person has increased by 75% globally and that the amount of video posted including by brands in News Feed has increased 3.6 times year over year.
Snapchat is also proving a very popular platform for not only selfies but increasing video content with 6 billion daily video views. It’s clear that they are looking to make video messaging even more engaging with the introduction of ‘Lenses’. These are designed to make sharing a photo or a video more fun by adding real-time special effects and sounds. Several are free on a daily basis and there are even some you can now purchase to use again and again. To offer even greater creative control to it’s users it has also added fast-forward and slow-motion editing options. There can be no doubt that online video is going to become even more important in how we consume content online.
In a recent survey of 300 brand marketers and agencies, 68% anticipate increasing video ad spend, with two thirds moving budgets away from television and into online video. The same report also highlighted how there has been a steady increase over the last 3 years in the share of digital video budgets dedicated to original digital programming. It also went on to say that “Most advertisers agree that original digital video programming will become as important as TV within 5 years.” Video marketing used to be about big brands with even bigger budgets, but with the growing migration from TV to video online, SMEs now have a greater opportunity to compete for viewer attention. Storytelling is also set to play and even greater role in engaging with consumers online. The way we consume will continue to be online video, but the way in which we are spoken to will continue to evolve, and allow any size company a chance to get their message across. The cost of production has also had an impact on the rise of this medium, with apps such as Twitter’s Vine now making it extremely straightforward to create content of this type on a budget.
It’s not just in marketing where online video has seen dramatic growth, streaming services such as Amazon Prime Video and Netflix have seen a substantial rise in popularity. Netflix now makes up 70% of all internet traffic in the evening peak hours in North America, which is a staggering statistic. With the recent announcement that Netflix will now be available in 130 countries in a bid to come out on top in the battle with Amazon in the on-demand content provider arena; video content is set to skyrocket even further. At the announcement at the Consumer Electronics Show in Las Vegas last week, Netflix co-founder and CEO Reed Hastings said “Today you are witnessing the birth of a new global Internet TV network,”. With China now the only major market not on their list who can argue with him? He also went on to say "When we started Netflix nearly 20 years ago, we dreamed of the day when the Internet would enable us to deliver TV shows and movies to the billions of people with whom we share the planet with,". Stats from Q4 of last year showed that people watched 12 billion hours of programming on the network, up from 8.25 billions hours in the same period in 2014. With the company set to release 31 new and returning original series, two dozen original feature films and documentaries, a wide range of stand-up comedy specials and even 30 original kids series this year alone, there can be no mistake - this is going to be a massive year for video content online.