VIDEO IN DEMAND
23rd December, 2015
Related News: News
Do you remember a time when people would compete to purchase the biggest possible television, boasting about their 30-inch plasma screens in a show of pure vanity and one-upmanship to their friends?
By Thomas Roden
Well it seems that times have changed and we’ve all stopped overcompensating. According to market analysts Future Market Insights, the Video on Demand (VoD) market is growing and is expected to be worth $357 million by 2020. Besides our collective obsession with Netflix, this growth is because of the increasing use of mobile devices in viewing video content.
In 2014, YouTube announced that 50% of its traffic was from mobile devices. Fast forward to mid 2015 and YouTube revealed that the average mobile viewing session is 40 minutes, double the figures from the previous year.
Now, I’m not suggesting there is a correlation between the two figures. However, mobile viewing is playing such a big role that YouTube amended its business model this year, introducing a monthly paid subscription service to capitalise on the mobile market.
This highlights the ever-growing demand for video content, as well as a shift in the way that content is consumed. Yet despite this, very few businesses capitalise on this market and produce effective video content. In fact, in early 2015 only 9 percent of small businesses in the US were reported to use YouTube.
This is shocking, especially when you consider the size of the market available on YouTube. It’s almost certain that at least some of the one billion active users will be potential customers of a business of some sort or another.
It’s important not to neglect the other social video platforms though. If you’ve scrolled through Facebook in the last year, you’ll have noticed there’s a silent autoplay feature that can make your timeline feel like something out of Harry Potter. This is all part of an increased push from the social media giant to be relevant in the digital video arena. It seems to be working too, as it’s currently bringing in eight billion video views every day.
With all those views, it’s mindboggling that many brands don’t embrace video content more. But if you promise not to tell YouTube about it, I’ll tell you a secret: it’s an easy thing to do.
A few interesting ideas, a creative eye and a video camera (which are not as cumbersome and expensive as they used to be) is all it takes to get started in the world of digital video. With that, a brand would be able to enjoy their unclaimed share of their market’s audience. If they don’t have those things, they can always work with someone who does.
And remember: it’s not about the size of the screen, it’s about the content being viewed.