The Emerging Importance of Video
On 21 December 2012, ‘Gangnam Style’ became the first YouTube video to reach a billion views. As of October 2013, it had been watched almost 1.8 billion times and is already the site’s most-watched video ever. In short, this video by Park Jae-sang – better known as Psy – went viral in the most explosive way possible. It ensured his celebrity status the world over.
When it comes to marketing, the importance of video is clear. Some would say, if a picture tells a thousand words, then a video is worth a million! We probably wouldn’t go that far but video is a compelling medium. It enables marketers to reach a wider audience and create more impact. Videos are engaging, easy to digest and highly shareable, enabling us to sell, educate and entertain. Furthermore, thanks to the latest technology, they’re are easier to create and more affordable than ever.
Just how important is video?
So, exactly how popular is video as a medium? There’s no doubt about its online impact, which is already beginning to eclipse video’s traditional home in TV advertising. It’s also ideally suited to the mobile format. By 2014, it’s said that online video could account for 50% of all Internet traffic. At the same time, video ad spending is growing: the latest US figures suggest that $6.3 billion will be spent by 2015.
US data also indicate that 40 billion videos a month are streamed online; every month, 75 million people watch online videos – a quarter of the entire population. Further data suggest that as many as 87% of marketers use video for content marketing, which puts it up there with written content such as blogs, case-studies and articles, and well ahead of certain visual content like photo galleries.
Meanwhile, a whole raft of technology has made video cheap and easy to shoot and edit: smart phones and digital cameras both have this capability, something which aspiring bands have been quick to take advantage of in the music industry, albeit that creativity and enthusiasm often outshine technique.
Indeed, it’s worth noting that DIY is not always the answer: as with all content marketing, quality counts – appropriate messaging, the right information and narrative, plus good production values are the differentiators.
