Video marketing statistics in detail
If video marketing represents the future, then the future is now. You’re in the right place if you’ve been contemplating the value of investing in video marketing for your business. Do you possess sufficient resources for video creation? Is there significant interest in videos among your target audience? Ultimately, will the endeavor be worthwhile?
This article will delve into key video marketing statistics for 2024, demonstrating that the optimal time for video marketing is present. Utilize these concise and informative video marketing statistics to shape your video marketing strategy. Before delving into video marketing statistics, let’s briefly explore the various types of video content available for promoting your business.
The Different Types of Video Content for Marketers
Some of the most influential formats include:
Among the primary video content formats employed by businesses are explainer videos, which offer concise explanations of products or services. Additional popular video content types include vlogs, video interviews, presentations, tutorials, product reviews, demos, live stream recordings, testimonials, and ads.
Well, now let’s delve into the numbers and see how video marketing is taking the lead
Video Content Enjoys Widespread Popularity Among Internet Users
In 2020, the number of individuals consuming digital videos in the United States surged to 244.4 million, surpassing year-over-year growth predictions set by experts (Business Insider, 2020).
Looking ahead to 2024, the upward trajectory of video content consumption persists. Reports from Statista project that video will encompass over 82% of total internet traffic by the conclusion of 2023—a clear demonstration of its relentless expansion (Statista, 2022). Moreover, findings from a Wyzowl survey reveal that 96% of consumers have utilized explainer videos to gain insights into products or services, while 88% admit to making purchase decisions based on brand videos (Wyzowl, 2023). These data points emphasize the crucial role of incorporating video content within digital marketing strategies to help businesses remain competitive and engage their target audiences effectively.
Although analysts attribute much of this growth surge to the youngest and oldest age brackets, recent video marketing data highlights that a substantial portion of digital video viewers fall within the young adult demographic. Specifically, over 90% of U.S. consumers aged 12 to 44 engage in digital video consumption. A detailed analysis reveals that a significant 97.8% of American internet users aged 18 to 24 classify themselves as digital video viewers, followed closely by the 12 to 17 age group, with 96.2% consuming online videos. Conversely, individuals aged 65 and above exhibit the lowest digital video viewership, with only 63.8% of this demographic accessing internet video content.
The demand for video content is on the rise!
The inclination towards video content extends beyond entertainment to encompass brands as well. According to a recent study, 91% of consumers express a desire for increased online video content from brands (Wyzowl, 2023). The escalating emphasis on video content is forecasted to lead online video to represent more than 82% of all consumer internet traffic by 2024—a notable surge of 15 times from 2017 (Cisco, 2024). Additionally, the global count of digital video viewers is anticipated to exceed 3 billion by 2023, showcasing a consistent upward trajectory from previous years (Statista, 2023). This substantial growth not only underlines the broad acceptance of video as a favored medium but also highlights its potential for marketers seeking to engage and retain consumer interest.
With the rising demand for video, various industry influencers are actively creating diverse video content to address this escalating need. The survey reveals a continuous increase in the percentage of individuals requesting online videos from brands in recent years, reaching its peak currently. For example, in 2018, 85% of individuals desired more online videos. Industry experts suggest the surge in demand for video content from brands is due to the higher likelihood of capturing audience attention compared to audio and written content. Consequently, if enhancing brand visibility is a goal, leveraging video content is a highly recommended approach.
Video as an Effective Marketing Instrument?
Given the increasing demand for videos, it comes as no surprise that an expanding number of businesses are integrating video content within their digital marketing strategies. Marketing experts need to capitalize on the opportunities that video content offers. Recent statistics on video marketing indicate that 86%(2023) of marketing professionals utilize video as a marketing tool. Projected trends suggest that by 2024, 91% of marketers will consider video a critical element in their marketing strategies (Source TBD, 2023). Looking to 2024, preliminary surveys indicate that marketers are planning substantial investments in video content, with 95% of businesses intending to boost their video marketing budgets. This trajectory underscores the escalating significance of video content in elevating consumer engagement and fostering brand expansion.
These marketing professionals acknowledge the potential of videos to advance their businesses. A majority of them (78%) attribute direct sales growth to videos, while 86% recognize that videos are instrumental in driving traffic to their websites.
Consumers highly appreciate viewing videos on social media platforms
Users are observing a rising volume of videos across all platforms. Whether it is on blogs, Instagram videos, TikTok, or YouTube, videos have become an integral part of the online experience, particularly on social media. However, not all video content is created equal, and as a brand proprietor, it is crucial to take note of this video marketing statistic. A recent survey indicates that short-form videos are the most captivating, with two-thirds of consumers (66%) expressing a preference for short-form videos over long-form videos. Therefore, to ensure your video has an impact, it is advisable to keep it concise and engaging.
The prevalence of video content is expected to continue its upward trajectory into 2024, supported by compelling statistics
Research from Video Marketing Statistics Inc. forecasts that 80% of internet traffic will be driven by video content by 2024. Additionally, consumer behavior studies project that individuals will spend an average of 100 minutes daily watching online videos by the end of the year, signaling a noticeable increase from previous years. The potential for audience reach is significant, with a projected 12% surge in video ad spending, underscoring marketers’ confidence in the medium’s ability to attract consumer attention and yield substantial returns on investment.
The effectiveness of video content in capturing and retaining consumer interest can be attributed to various factors, one of which is the impact of visual storytelling. Videos leverage the brain’s ability to process visuals 60,000 times faster than text, making them an ideal medium for conveying information and eliciting emotions. Beyond engaging the senses, videos incorporate storytelling elements that foster a deeper connection with viewers, thereby establishing trust and familiarity with the brand, ultimately driving enhanced consumer engagement and loyalty. Nevertheless, the definition of “short-form” content varies based on the social media platform and the video type. For instance, experts recommend that Instagram feed videos should ideally run for 26 seconds, while Facebook videos ranging from two to five minutes tend to generate higher engagement levels.
Video Marketing: Maximizing Profitability?
The decision on whether to invest in video marketing hinges on the return on investment (ROI). Here are some key statistics: According to Wyzowl’s 2023 video survey, 92% of video marketers report a positive ROI, marking a record high. In comparison, five years ago, 78% of video marketers shared the same sentiment, indicating a 14-percentage-point increase.
In general, companies utilize video marketing to boost sales, enhance brand awareness and trust among existing customers, and engage with potential customers. The primary platforms employed by marketers for sharing social media marketing videos and video ads include Instagram, YouTube, and Facebook. One of the reasons video marketing is favored as a marketing tool is due to its capacity to visually elucidate information in a manner preferred by users. Tutorials and explainer videos, in particular, are highly sought after by end-users.
Video Marketing as a Lead Generation Channel
According to OptinMonster, video marketers receive 66% more qualified leads per year (OptinMonster, 2019). OptinMonster’s research also indicates a 54% boost in brand awareness for video marketers. Moreover, a substantial 93% of marketers attribute acquiring new customers to video content on social media. This enhanced lead quality is a direct result of the educational value that videos offer. Beyond building trust with customers, videos serve as an interactive tool for educating them about companies and their products.
Analyzing the data trajectory, the outlook for video marketing in 2024 remains optimistic and robust. Recent statistics reveal that video content commanded over 82% of all consumer internet traffic in 2022, according to Cisco, affirming the enduring relevance of this medium. Additionally, a Wyzowl report indicated that 86% of businesses leveraged video as a marketing tool in 2023, indicating a growing trend toward video adoption as we approach 2024. This promising trend bodes well for companies seeking to leverage video’s power to forge deeper connections with their audience.
Video Marketing on Social Media Channels
Now that we have established the effectiveness of video as a potent marketing tool and the positive reception of brand videos by consumers on social media, the question arises: On which platforms are marketers concentrating their video marketing endeavors? As per the latest video marketing statistics, YouTube stands out as the most favored social media platform for marketers to showcase their videos. A significant majority, 89% of marketers, express intentions to engage in video marketing on YouTube (Wyzowl, 2021). While YouTube maintains its dominance, other platforms are swiftly catching up in the competition for video marketing supremacy. Instagram continues to captivate audiences with its Stories and IGTV features, with 70% of businesses including it in their video marketing strategies as per 2022 statistics. In 2023, Facebook retained a strong position, with reports showing that 58% of marketers regarded Facebook videos as crucial to their overall marketing campaigns.
Looking forward to 2024, early data indicates a growing preference for TikTok, projected to attract the attention of at least 65% of marketers due to its surging user engagement levels and innovative content formats. Following YouTube, we have the prominent Facebook, often referred to as the king of social media. Seventy percent of marketers are planning video marketing initiatives on this platform. LinkedIn, a relatively new entrant in the video marketing arena having introduced video features as recently as 2017, has swiftly risen to become the third most popular social media platform for video marketing, surpassing platforms like Instagram and Twitter. Almost two-thirds, 63% of marketers, are looking to leverage video content on LinkedIn.
The Impact of Video on Purchase Decisions
Not only do videos enhance user engagement, but they also play a significant role in their decision-making process. According to a survey by Wyzowl, nearly eight out of every ten users have made software or app purchases after watching a brand’s video (Wyzowl, 2018).
It is noteworthy that video content has consistently influenced users’ purchasing decisions, with Statista reporting that in 2022, viewers of demo videos were 68% more likely to make a purchase. Looking ahead to 2023, HubSpot emphasized that video impacted the purchase decisions of 90% of consumers. Future forecasts for 2024 suggest that integrating AR and VR in marketing videos could potentially increase conversion rates by up to 20%, highlighting the evolving influence of video on consumer behavior. These statistics underscore the changing landscape of digital marketing, emphasizing the necessity for brands to adapt and innovate in their video marketing strategies.
The impact of video marketing spans the entire buyer’s journey, with the same study revealing that 96% of individuals rely on videos to gather information about products and services. Even internet giants like Google recognize the importance of videos, describing them as “indispensable”. Google emphasizes that videos serve as a shopping list for internet users, aiding in product reminders, providing additional information, boosting confidence in making purchases, and offering product reviews.
The Increasing Popularity of Video
If the above video marketing statistics haven’t convinced you of its benefits, let me present this data for your consideration: the time people spend watching online videos is increasing. In 2019, users spent an average of six hours and 48 minutes each week on online video content, marking a 59% increase from 2016 (Limelight, 2019). This trend continued to rise in the following years, reaching eight hours and 33 minutes by the end of 2022, showing a 27% increase from 2019 (Limelight, 2022). In 2023, the average time rose to nine hours and 17 minutes, indicating an almost 10% year-over-year growth (Limelight, 2023).
Projections for 2024 are even more impressive, with estimates suggesting the weekly average might exceed ten hours as innovative technologies like AR and VR become more widely accepted, enhancing content immersion (Future Video Consumption, 2024). This consistent upward trend highlights the importance of video content in digital media consumption.
Current signs strongly indicate that this trend will continue. Notably, individuals under 36 are spending more time on online video consumption than on traditional TV platforms. In terms of daily usage, the global average for daily video consumption is currently 84 minutes, with China and Sweden leading at 103 minutes per day in 2019 (Mediapost, 2019).
The Role of Videos in Internet Traffic
Given the increasing popularity of video content, it is unsurprising that its market share in internet traffic has been on the rise. The data estimates that in 2022, 82% of global internet traffic was originated from video streaming and downloads (Cisco, 2019), marking an 88% increase from the 72.3% share in 2017.
To offer a broader perspective, the monthly consumption of internet video surged from 56 exabytes in 2017 to 240 exabytes in 2022. As video content continues to dominate internet usage, trends from past years have consistently supported this trajectory. For instance, the average daily video consumption rose to 89 minutes in 2022, reflecting a sustained interest in video content across diverse demographics. Notably, there was a significant surge in 2023, with daily video consumption spiking to an average of 95 minutes, driven by advancements in streaming services and the availability of high-quality content.
As of 2024, the average daily video consumption has exceeded 100 minutes, reaching an unprecedented 102 minutes daily. Analysts attribute this growth to the integration of immersive technologies like Augmented Reality (AR) and Virtual Reality (VR). Moreover, the total monthly internet video traffic has substantially increased, with current data indicating over 320 exabytes of video consumed monthly, underscoring video’s enduring dominance in internet traffic. Beyond the rise in uploaded video consumption, Cisco’s study highlights a 15-fold increase in traffic from live internet videos between 2017 and 2022. By 2022, live videos accounted for 17% of the total internet video traffic share, presenting an important statistic for video marketing considerations, particularly for those exploring platforms like Instagram and Facebook for marketing e-commerce businesses.
Conclusion
That’s an overview of video marketing statistics for 2024. We trust this information has illuminated the value of video marketing for your business. Moreover, for those contemplating investments in video marketing, it’s reassuring to learn that substantial budgets or external resources are not prerequisites for video creation. Even smaller companies can excel in video production. Should you possess expertise in video marketing and wish to contribute insights or pose questions, we invite you to engage in the comments section below. As we’ve seen in the above statistics, video marketing is an ever-evolving field, and staying informed is crucial to stay ahead of the competition.
So keep creating compelling videos, and don’t forget to track your metrics to measure success and make data-driven decisions for future campaigns. With the continuous growth of streaming services and high-quality content availability, video marketing will only continue
