In the ever-evolving landscape of digital marketing, video content continues to be a go-to strategy for boosting sales, driving traffic, and creating brand awareness. However, it seems that consumers have spent slightly less time indulging in online videos this year compared to the video binge-fests of 2022.
According to industry reports, the average weekly video consumption in 2023 clocked in at 17 hours per person, down by a modest two hours from the previous year.
While this dip in viewing time may raise an eyebrow or two, it’s worth noting that a whopping 91 percent of individuals surveyed expressed a desire for even more online videos from brands. Clearly, video marketing still holds immense potential to captivate audiences and reel in potential customers.
Over the years, videos have emerged as the epitome of shareable online content, driving user engagement, heightening brand awareness, and facilitating vast outreach opportunities when done right. A recent survey conducted by Wyzlow, titled The State of Video Marketing 2023, revealed that in 2022, a remarkable 70 percent of brands hopped onto the video advertising bandwagon, predominantly creating social media and explainer videos. Not far behind were presentation and testimonial videos, each boasting a respectable share of 50 percent and 46 percent among brands, respectively.
But what fuels this insatiable appetite for online videos among consumers? For starters, people turn to videos to learn more about products or services and gather feedback from fellow users. Let’s rewind to 2018 when the average weekly video consumption stood at 10.5 hours. By the following year, it surged to 14 hours, and the trend continued its upward trajectory. Fast forward to 2021, and consumers were devoting a whopping 18 hours per week to online videos, marking a staggering 30 percent increase compared to the previous year. The zenith came in 2022 when the viewing time reached an all-time high of 19 hours per week.
Although 2023 witnessed a slight dip with the average weekly video consumption settling at 17 hours, this figure still represents a considerable surge compared to the levels seen in 2018 and 2019. Furthermore, the survey by Wyzlow revealed that despite the drop in average viewing time, a striking 91 percent of respondents expressed an ardent desire to witness more engaging online videos from brands.
When it comes to the platforms that pack the most potent punch in the realm of video marketing, it comes as no surprise that YouTube reigns supreme with a commanding 90 percent share among respondents. Following closely behind are Facebook (86 percent), Instagram (79 percent), and LinkedIn (also 79 percent).
On the flip side, Snapchat, once hailed as the next big thing in video marketing, only managed to capture the attention of a mere 13 percent of brands. Meanwhile, TikTok, a social media sensation, fared somewhat better with 35 percent of respondents harnessing its potential, while Twitter lagged behind with a modest 54 percent share among marketers.
Speaking of effectiveness, YouTube emerged as the undisputed champion, receiving an impressive thumbs-up from 78 percent of video marketers. LinkedIn secured the runner-up spot with a solid 69 percent approval rating, closely followed by Instagram with a commendable 67 percent score.
However, not all platforms are created equal. Twitter and Snapchat found themselves on the wrong end of the spectrum, with a greater number of video marketers labeling them as ineffective rather than effective. It seems that when it comes to leveraging the power of video, these platforms have some catching up to do.
In a digital landscape that’s increasingly dominated by video content, marketers need to stay vigilant, adapt to changing trends, and deliver compelling videos that resonate with their target audience. With consumer demand for online videos showing no signs of slowing down, brands must seize the opportunity to engage, inspire, and forge lasting connections through the captivating medium of video.
