In June, I published my first blog post for ViralGains in which I discussed the disparity between consumer attention and advertising dollars as it pertains to online video. Internet users were seeking out video content while a majority of marketers had yet to increase their video advertising efforts. Over the past few months, marketers have been bridging the gap between viewership and video marketing spending, and we’re finally seeing the reports that prove it.
According to a survey conducted during Q2 2013 and Q3 2013 by the Web Video Marketing Council, ReelSEO and Flimp Media, 93% of marketers had used video for online marketing, sales or communications purposes at some point during 2013, a 12% increase from 2012.
Spending-wise, 70.5% of respondents expected their outlays for video to increase in 2013 over the previous year. Only 14.6% predicted that spending would remain the same and a mere 1.3% anticipated a drop in their online video advertising budget.
There are a multitude of content delivery platforms brands use to maximize reach and engagement. The company’s website and YouTube are the top two destinations for video content, with 83.9% using the former and 65.2% the latter. Social media and email followed close behind.
Marketers aren’t the only ones increasing online video production. American adult internet users are uploading more and more original video content. In a study from the Pew Research Center, they found that the percentage of this group that uploads or posts videos online has doubled from 14% in 2009 to 31% today. In addition, the percentage of online adults that watch or download video content has risen from 69% in 2009 to 78% today.
YouTube and other video streaming sites have consequently gained popularity with this demographic. Since 2006, the percent of online adults who use video-sharing sites has grown from 33% to the current figure of 72%.
Marketers have increased spending and support for online video marketing. A majority of internet users seek out quality video content on a consistent basis and brands are finally taking advantage of the situation. As the disparity between consumer attention and video advertising dollars is reduced, brands should see more engagement and response from online video viewers.