Video as the Fastest Growing Content Medium
The future of content has taken a dramatic turn with the advancement of technology that led to the birth of videos. In the past, the content medium was saturated with printed text or some promoted images on the TV. That was when the world was ignorant of videos. Now, in the 21st century, a content medium is synonymous with video.
Back then, companies would spend a small fortune advertising their brand on TV stations. Today, you can get the same amount of publicity or better with video production that may cost you a lot less than what you will spend on television commercials.
The change in what constitutes a content medium occurred with the creation of YouTube some years ago. Since then, video content has grown considerably. As a proof of the speed of growth of video as a content medium, there was a whopping increase in video content in 2004 by some 34%. This figure keeps increasing as more people now watch videos on their mobile devices and computers.
With an estimated 30% annual growth as predicted by some experts over the coming years, videos will take its place as an important part of our daily life. A huge number of film production companies have taken advantage of this to create powerful and informative videos with touching content to grasp the attention of potential consumers while sustaining the interest of existing ones. The proliferation of many of such companies and other technologies has made the creation of videos relatively simple and cheap. As a result, both small and big businesses now make use of videos to drive their conversion rates higher.
The social media has also played a huge role in the rapid growth of video since these platforms allow user share which makes it very convenient for users to share any video of their choice to a larger audience. With more than two billion people using social media, the role it has played in the increasing popularity of video as a content medium cannot be overlooked. How does video compare with others? Let me explain this with the comparisons of other content mediums.
Other content mediums that have also have commendable growth in the past include:
Using images in your content will increase its readability so that people will be more inclined read the whole post. This also increases the conversion rates among marketers. With a professionally-taken image, you can’t predict the impact. Images have been used effectively in recent years as an effective content medium.
InfoGraphics can also increase conversion rates as it presents information in an easy-to-read format, explaining complex but valuable information with graphs. You also can’t fault its use of stats to drive home some points, especially in graphical form. Over the years, it has increased in popularity among bloggers and content marketers.
Animated GIFs have gone beyond their uses for pleasure. They are now extensively used as a content medium. This is due to some of the benefits of GIFs such as its ability to help you add more contexts to your post, message, or tweet, no matter how short they are. It can also help you to get your message across to a large audience in a short time, just like a video. They can also be shared conveniently too.
Regardless of the importance of these as a content medium, none has the speed of growth, impact on conversion rates, wide acceptance, or the ability to attract as much audience as a video would. These differences have contributed in a great way to the outstanding growth and success of video as the fastest growing content medium.
Factors responsible for the growth
The high rise in the growth of video is attributed to multiple factors such as:
1. Availability of content in different languages:
The increase in the number of video viewing audience is primarily due to the availability of video content in a multiple of languages. For instance, YouTube with over a billion users has its contents available in 76 different languages. This caters to the need of over 95% of the total Internet population. This is some over 3 billion users, according to Wikipedia that put the global Internet population at over 3.8 billion in 2015.
2. Fast internet speed:
This has also played a vital role here. With the increase internet speed, downloading videos, streamlining, and other services are relatively easy. This serves as an encouragement for more people to either download videos for later watch or streamline them as preferred by the users. The result is billions of downloads every year.
3. Affordable data plan:
There is a growing use of the Internet in some developing countries as data plan becomes readily available for the people as well as being affordable. Without such affordability, some users in developing countries would have severed their ties with the Internet, which will adversely affect the number of people viewing such videos.
4. Improved Wi-Fi availability:
The gradual improvement in the availability of Wi-Fi is another contributing factor to the amazing growth of video. How important is this? You can easily move your wireless devices from one place to another so that you can use it anywhere. This makes it possible to view videos, download them, or streamline them wherever you are and at your convenience. You are also not limited by range since you can make your connection outdoors too. Since Wi-Fi also provides services in businesses, private homes, public places, and other places, you can take advantage of their services to satisfy yourself. More so, some other organizations such as hotels, airports, restaurants also provide free hotspots services to attract customers. There is also the wireless Wi-Fi phone with the dual benefits of reduced cost of using VoIP and wireless connectivity. You can take the advantage of the availability of Wi-Fi to view videos anywhere and anytime.
5. The option to download videos:
Streamlining and downloading are two different options at your disposal if you want to watch a video. Due to the cons of streamlining that includes the need to streamline again for a repeat watch, the option to download videos and watch whenever the user wants to, make it more convenient and less data consuming for Internet users to view videos. The result is an improved number of downloads every day, a good contributor to the rise in the number of active video viewers.
6. Increased video ad:
Business owners and experienced marketers now encourage the use of videos for promoting services and goods. This has led to a corresponding increase in the ad amount spent on videos in recent years. According to a report by eMarketer, there was an increase from 2.4% in 2013 to 4.45 in 2015. There was a potential increase in this figure as almost 70% of US marketers included increasing their video budget in the plans in that year.
This increase was attributed to some platforms like Yahoo, Snapchat, and Vessel. Others that contributed to such increase are YouTube, Hulu, and Amazon. They increased their video ad, thus contributing immensely to the rise of video content.
The time spent in recent on video has surpassed the total time spent on others between 2011 and 2015 according to a report. For instance, the time that most Americans spent on digital video between 2011 and 2015 increase from 0:39 to 1: 55. For social networks within the same timeframe, there was an increase from 1:11 to 1:44. Digital radio witness a rise from 0:53 to 1:05 within the four-year frame while Facebook and Pandora witnessed and increase from 0:30 to 0:40 and 0:33 to 0:40 respectively. Therefore, within the same timeframe, digital video witnessed almost 300% increase in viewing time while others witnessed less than 100% increase in viewing time.
7. More time is devoted to watching the digital video:
While watching a TV program or commercial was the favourite of adults some years back, there is now a shift to digital video. eMarketer published a report in April 2015 that showed the shift from television to digital video. The chart indicated that in 2011, adults spend 0:21 on digital video and 4:35 on television. In 2012, the figure rose to 0:36 and 4:38 for both digital video and television respectively. In 2013, 0:50 was spent watching digital video and 4:31 for watching television. The figure for both was 1:03 for digital video and 4:22 for television and1:16 for digital video and 4:15 for television in 2014 and 2015 respectively. The conclusion, as more adults reduce the time they spend watching television, there is a corresponding increase in the average time they spend watching digital video.
8. Increased use of mobile devices:
As more people shift from using TV and personal computers to mobile devices, the use of video skyrocketed. Smartphone and tablet users increased from 26% to 56% and from 23% to 48% for respectively over three years. This has made it more convenient for more users to view video content on their devices that it was previously possible.
A new report by eMarketer stated that the number of people viewing digital video will experience an 8.2% growth in 2017. There will be an increase from 60.8% a year earlier to 62% of internet users that will view a video in 2017. With the availability of Internet infrastructure in Canada, US, and the UK, the figure is expected to rise in the coming years. According to the report, since 2013, the world has witnessed a double-digit increase in viewership annually, with the exception of 2017 where a single digit increase is predicted.
There are currently over 2.5 billion smartphones in the world. This growth in the number of mobile devices will continue for the foreseeable future as more people are inclined to watching video on their mobile devices due to the convenience it offers.
Today, over 50% of viewed videos are done on mobile devices with smartphones responsible for 33% of these views. According to Zenith, consumers are expected to spend almost 20 minutes daily viewing videos online on their tablets and smartphones while users of fixed devices such as TVs and desktop computers will spend 16 minutes watching videos. According to the company, consumption growth is expected to grow to 33% this year and then another 27% growth in 2018 when a user will spend an average of 33.4 minutes daily watching such videos.
In a nutshell, mobile devices are predicted to account for at least 64% of video consumptions online in 2018.
The factors outlined above have driven people’s passion for videos, making it the leading content medium. As a result, it is expected that video as a content medium will still continue to grow in the future. Here are some statistics that support that prediction:
Over 80% of users have the ability to recall a video they watched in the past month. This has led to more people viewing promotional videos than before.
1 minute of video has the same impact as 1.8 million of words. Why wasting your time on texts when a short video will give you a better result?
92% of consumers using mobile devices have shared videos with others.
65% of marketers include mobile ad budgets in their plans.
The probability that your audience will engage with your content increases by 10x if you use video, especially on social media sites.
Almost 3 out of 5 executives prefer watching the video to reading the text.
You can increase your conversion rate by 20% if you include a video or more on your homepage. More business owners will want to take advantage of this benefit in the future.
With these statistics, it is reasonable to conclude that everything seems to work in favour of the growth of video and its increasing popularity over the next couple of years as the leader in the content medium. No content has achieved such an amazing growth in such a short period of time.
As more millions of people take to mobile devices and the wide acceptance of videos as crucial to the success of any marketing campaign, the growth of videos as the number one content medium may remain unchallenged for more years to come.