It doesn’t take an expert to point to the fact that the internet and social media have changed the market landscape. Into this tumultuous world comes online videos, a flourishing popular medium with the superpower to engage more audiences.
Video offers an engaging, versatile, and extremely shareable format that makes the audience easily attach to it.
It’s no wonder than it remains the title-holder for the best performing digital content type on the internet. For over the last few years, the numbers on the statistics show only growth– no sign of declining.
This long-lasting trend allures marketers to take advantage of it. Videos have now become an integral part of marketing campaigns; it’s like bees to honey.
Almost every business has jumped into the video marketing world to cut through the noise and reap the benefits they deserve.
Consequently, the competition of video marketing is getting fiercer, and the noise getting louder. Every business’s most significant task is how they outsmart the competition to stay at the top of the game.
Now that 2020 is here, you better refine your video marketing campaign to get the limelight your business deserves.
To help you with that, we’ve collated these critical video statistics that you need to know to get an edge against your competitors.
As you’re looking at the video marketing statistics for 2020, you know that the trends are not going anywhere anytime soon.
The staggering numbers in statistics show that the trends are here to stay, meaning that the foreseeable future is frequently favoring more visual content.
The rise of social media and the massive growth of the global proliferation of smartphones give a vast contribution to the increase of video usage and consumption.
Now customers demand a product video more than ever before they purchase a product or service so that they get the visual of how it works.
It’s obvious that video marketing is just merely even a trend anymore; it’s the primary way of how millions of users consume content.
Video Is Dominating the Internet
Video has been taking over the online marketplace, making it inseparable with internet users.
According to the latest statistics, 75% of internet users watch online videos every week. Not to mention that 55% of them watch it on a day-to-day basis. And 6 out of 10 internet users prefer watching videos to the television.
In 2020, video is predicted to account for 80% of global internet traffic. Now there are 300 hours of video uploaded every minute to YouTube alone.
Two years later– in 2022, there will be at least one million videos content uploaded to the internet every second. In the same year, at least 82% of all internet traffic would be video.
The Outdated Users Manual
Customers value their time more than ever. They prefer to consume short, snackable information so that they can save more time to do anything else.
Video is an easy-to-digest content that helps customers understand the product or service better in just a matter of a few minutes.
Hence, 72% of consumers use video to learn about a product instead of reading the long-length text in the user’s manual since they retain a 95% message better when they watch it through video.
Clear-cut Winner in Customer Engagement
After all, vision is by far the most dominant sense– it’s taking up half of the brain’s resources. That is why watching videos can make you recall the information better since most information that is transmitted to our brain is visual.
97% of video marketers report that video helps their customers understand their product or service better, which leads to increased sales.
Thus, internet users spend 88% more time browsing on websites than videos. Since video is a super shareable medium, 92% of them share online videos on their social networks.
Unsurprisingly, 54% of customers demand video content before they purchase a product or service.
And because video can seamlessly evoke emotions, 46% of customers recall the brand and take action after they’ve watched a compelling video advertisement.
Video Trends for 2020 and Beyond
In this chock-a-block internet full of video, the trends in video marketing are ever-changing. Social media is responsible for these come-and-go video trends.
By 2020, vertical video is predicted to be rising in popularity. Backed by the rise of Stories, vertical video is the new video trend on the block.
Now, it’s still 40% who choose to film vertically without having to tilt their phones. And 25% of internet users who prefer to watch a video. These numbers are projected to keep doubling since the Stories are now taking over the social media scenes.
The next video that is predicted to be flourishing in 2020 is the 360-degree video. At least 14% of businesses use this platform, and 74% of them claim success from using it.
Although the 360-degree video craze is still in its infancy, riding the wave before anyone else will give you a jumpstart.
The Perks for Businesses
If we’re talking about the perks of video for business, it will take all day. But we’ve outlined some essential statistics that summed up the benefits that companies get from video marketing.
Video marketers earn at least 66% of their qualified leads through video. Thus, companies that used video achieve a growing revenue of 49% faster than compared to those who don’t tap into a video marketing campaign.
93% of businesses also gain new customers after they jump out into social video campaigns. From this, 88% of marketers who use video content are satisfied with their ROI.
From all the benefits above, it’s no surprise that 99% of marketers are planning to keep using video as their marketing tool, while 88% of them will expand the budget for the next video marketing strategy.
Video is taking content marketing by storm, meaning the door is open for small businesses as well as the big ones. Now every business jumps into the video marketing campaign to thrive this ruthless digital marketing competition.
As you look at the statistics, it’s no longer about why you should tap into video marketing; now, it’s about how you make the best of it.
Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales and get positive ROI from explainer videos (in that order).