Today, it is a no-brainer that videos have become the most popular choice for content consumption, especially among the youth. Still not sure? Let the statistics do the talking!
According to statistics, 96% of consumers have increased their online video consumption. Moreover, 9 out of every 10 viewers express their desire to see more videos from businesses and brands.
Jumping on the bandwagon, marketers have shifted focus on promoting video content to drive more sales and revenue for their respective clients/companies. And why shouldn’t they? An average person spends around 100 minutes per day watching online videos. This big number makes video marketing an integral part of any business’s digital marketing strategy. To add to your information, today, video marketing strategies are also being made and implemented and rightly so.
Video Marketing Statistics in 2022
Today, online videos garner 83% of all consumer internet traffic. Interestingly, 92% of this traffic comes from mobile devices – making them the prime source for targeting purposes. Studies have also confirmed that 54% of people have expressed their desire to see more video content from a business or brand they support.
Not just the expression of interest, 79% of consumers believe they are compelled to buy a product or service that’s advertised through videos. The reason for the mushrooming popularity of videos is the ability to showcase what the product or service is all about and what benefits it has to offer.
Spending on Video Marketing Strategies
If you are still with us, we can safely assume that you now know the importance of video marketing. If you are a digital marketer, you might be interested in knowing how much marketers are spending on video marketing, we have some astonishing facts for you.
In the United States of America, businesses are planning to spend a whopping $135 billion on the promotion of digital videos. This year till June 30, advertisers have spent around $83 billion on digital ads and $71 billion on TV adverts.
These figures suggest that advertisers are spending as much on video marketing as they do on digital and TV advertising combined.
5 years back in 2017, marketers on average had spent around $20K on video marketing. Fast forward to today, the figure has nearly upped by 1400 times. As the video marketing industry grows. it’s worthwhile to dig deep and understand why it’s taking over.
At the same time, the Millennials are coming of age with an astonishing trillion dollars of purchasing power. and we are realizing the true impact of the digital age.
Growth of Video Marketing
Video marketing is growing at an astounding rate for all the right reasons. Marketers are more focused on creating and promoting business videos than ever. As much as 87% of marketers intend to create digital videos for their respective brands. Statistically, 65% of businesses are spending more than 25% of their marketing budget on videos.
Continuity is the Key
Video marketing is about consistency and frequency. You have to release videos frequently to get the best results and a higher engagement rate. Since we are revealing a few secrets today, it is important to let you know that 66% of businesses engage in video creation at least once a week. However, there are businesses as well that create video content daily.
Although it is good to maintain continuity, it is also imperative to keep an eye on the costs. Video creation is costly and may disturb your budget. However, if creating more videos is the goal, costs shouldn’t be a concern for you.