The amount spent in the U.S. on digital video ad spending will top out at approximately $9.9 billion in 2016, and that figure is expected to more than triple, to $28.08 billion, by 2020.
Video’s impact on social media and marketing is about to go supernova.
Did you know that Snapchat has a smaller number of daily users (150 million) than Facebook (1.13 billion) or Instagram (300 million)? And yet it generates over 10 billion video views each day*. In case you need that translated, videos are huge and only expected to get bigger, accounting for an estimated 75-85 percent of Internet traffic by 2019. Next year your business needs to turn its focus to video (if it hasn’t already) or the Buggles may remake their one-hit wonder and retitle it “Video Killed (insert the name of your company).”
Yes all the cool kids (aka millennials) are doing it, but that’s not the reason why marketers are seeing so many dollar signs when they think video. The reason the medium has so much potential and reach, particularly via social media, is due to the higher level of engagement and click throughs that video provides.
Now is a great time to experiment with what video content can do for you. What videos garner the most interest? Which ones generate more engagement? Your audience will tell you what they want if you listen to the cues they are throwing out. But let’s face it, our attention spans have shrunk and watching a quick video is much more likely than reading a more traditional (and longer) article to acquire information.
Cowan and Company expects YouTube to stay on top of the video content/ad heap at least through 2017. However, Facebook and Instagram have the behemoth in their sites. Instagram’s new Stories component is aimed at not only capturing some of Snapchat’s fairy dust, but also at overtaking YouTube’s mastery of video. Stories gives companies a way to show their audiences more behind the scenes moments on a platform with a broader user base than Snapchat currently possesses.
Facebook isn’t taking all this video content lying down, however. They too are mimicking Snapchat in an effort to boost video views, even offering disappearing content in some instances. However, Zuckerberg & Co. aren’t just about third-party content, although if you’ve even glanced at your Facebook homepage lately you will have noticed a lot of video links for companies, all vying for your eyeballs. They also hope to increase the number of personal stories posted by the coveted millennial demographic.