Video content over the last few years has grown exponentially both in quality and quantity.
This article by eMarketer notes that “…forecasts show that, overall, 2.72 billion people will watch video on their mobile phones in 2023. That’s up from 2.16 billion in 2019. This represents a compound annual growth rate (CAGR) of 6%—higher than the 4.5% CAGR for worldwide digital video viewers.
This growth can be notably measured, not only in terms of new video creation but also market adoption across many industries. Video content growth is truly significant in that video is a preferred method for advertisement and customer engagement.
The primary driver to this rise in the value of video content is equipment like smart mobile phones and high data load supporting networks. Just take a moment to consider the statistics shared in this article by TechJury:
2020 Mobile vs. Desktop Usage Insights
- Over the course of one year, mobile users share increased by over 10%.
- Mobile vs desktop usage stats in 2020 reveal 50% B2B inquiries are made on mobile.
- Social media takes 25% of all digital media consumption and it is mainly accessed on mobile.
- 51% of the time spent online in the US is on mobile devices.
- Mobile market share worldwide is 52.1% compared to the desktop market share of 44.2%.
- 40% of people search only on a smartphone.
- More than half of all video views come from mobile devices.
- Phone-based CPCs cost 24% less than desktop and have a 40% higher CTR.
- Mobile apps have higher engagement rates than mobile-optimized websites or desktop web viewing.
The mobile technology that has evolved in recent years now allows for a person to stream video almost anywhere they go. Likewise, websites like YouTube and Vimeo have created a robust platform that is free for people to upload their personal reviews of products and how to videos. This has triggered a large shift of people moving from reading about products to watching videos of other people’s experiences and opinions.
There are many challenges to creating effective marketing video content. The first of which would be the financial cost and time investment. Video editing software can be extremely expensive to purchase or license. As well, the equipment like cameras and microphones can add up quickly.
These devices are also complicated to learn and run properly. Any company or organization that plans to make a serious investment in their video production capabilities, no matter how simple, will have to address these concerns in some way.
Businesses have to make a decision between hiring a dedicated videographer vs. outsourcing to a professional third party production company. While some choosing to stay in-house might save money, the final product could be much lower quality and take longer to create.
Outsourcing the video allows a business to focus on running their business. Much like payroll or HR, it is sometimes handled best by someone else and not the business owner themselves.
The future marketing possibilities of video are quite staggering to think of when you consider the advancements in augmented reality video, virtual headsets, and click and explore 360 image mapping.
It’s now appearing on real estate websites that you can click and drag your way around the inside of a house as though you were already there. You can walk into a bathroom and study the layout and perspective all the way around. This type of video and 360 image marketing would be of fantastic use for marketing products, locations, and the brands.
Interested in hearing more about how to leverage video content to capture the attention of your prospects?