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- 📹 Video is eating the world
👋🏼 Hello Novel Community,
Welcome back to another weekly edition of ✍🏽 The Journey Newsletter.
If you’re reading this, you know our thoughts on video. So, instead of just taking our word for it, I spent time pulling together cold, hard data. There are thousands of stats out there, but luckily for you, I’ve organized and categorized a hyper-relevant list in a scannable format.
Enjoy :)
- Joe
TL;DR
Video consumption & creation are soaring
Video is preferred to text and image
Mobile video is the future of video
Video generates positive ROI
Video growth continues 📈
96% of consumers say they’ve watched more video content online due to the pandemic
People consume 18 hours of video each week on average, up 300% in 5 years
Video uploads have increased by 263.4% in 5 years
83% of all internet traffic is now video
Summary:
Year over year, video consumption has gone up and to the right. The Pandemic just turned growth from linear to hockey stick. More time at home = more time on devices = more time watching content. What about after the pandemic, you ask? Surprisingly, consumption has not slowed since things have opened up. More than 25% of weekly freetime is now spent watching video content, and not only is consumption up, creation is also skyrocketing. Have you heard the newly ubiquitous phrase “everyone is a creator”? Creators are the fuel behind more published content.
Video vs. text and image 🥊
When asked how they’d most like to learn about a product or service, 73% of people said they’d prefer to watch a short video
96% of people turn to videos to learn more about a product or service
Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in text
People are twice as likely to share video content with their friends than any other type of content
Summary:
Given its dominance, it shouldn’t surprise us that people now greatly prefer video over any other form of content, especially when learning and doing research. Recently, studies show that amongst Gen Z, Tiktok is beginning to replace Google for common searches about restaurants, places, tv shows, how-to’s etc… Not only do they prefer it, it actually works better as a medium for information spreading and retention.
The future of video is mobile 📲
In 2022, the use of vertical videos will increase by more than 50%
78.4% of digital video viewers watch content on their mobile devices
Vertical videos have a 90% higher completion rate than horizontal ones on mobile
38% of marketers create videos from their smartphones
Summary:
As mobile phone usage increases, so does the desire for more mobile optimized content. Consumers no longer want to turn their phones sideways to get the most of a horizontal video. They’d rather the content be optimized to the way they hold their phones 98% of the time; vertically. So in regards to engagement metrics, it shouldn’t shock us that the vertical format has officially surpassed horizontal, and brand marketers are beginning to match their video production accordingly.
Video Generates Positive ROI 💸
Websites convert 80% higher after incorporating video
87% of marketers say video has helped them generate positive ROI
74% of marketers think video has a greater ROI than static imagery
84% of people say that they’ve been convinced to buy a product or service by watching a brand’s video
Summary:
Video: it’s growing, mobile, and the good news for brands is.. It's incredibly useful in achieving business goals. Across the board, marketers are satisfied when they invest their time and resources into a video strategy. Not only does data point to consumers wanting it, but data also supports that it works in generating meaningful revenue.
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Sources:
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See you next Thursday!
Joe