Future of online video - Predictions for 2013
Online video is the largest growing ad format, with nearly 55% growth in 2012. This was achieved on a small base, with only handful of larger brands fully believing in the format, with the majority only dipping their toes in. But as we go into 2013, online video content is now recognised as a crucial part of any serious online marketing presence and has been predicted to out perform other online advertising segments (according to Harper – Frost & Sullivan).
In 2013, people will insist on being able to watch their favourite TV programs on demand, not following the strict TV schedule. The public require flexibility in their lives, which has contributed to the growth of online video for business as people would much rather the convenience of clicking play and being told about a product, than reading a long blurb of text full of fluffy wording.
TV companies have been slowly embracing video streaming up to now, but this will be the year where it grows significantly and could change the future of the home TV.
Advertisers are already demanding cross-channel campaigns, to include adverts on TV, digital and mobile and there has been a noticeable drop in TV ad spend in 2012. So unfortunately we will no doubt see an increase of compulsory adverts before streaming our free video content on desktop computers and mobile devices.
Smart TV’s are becoming standard and this changes the way people are able to access online video. YouTube is just another channel now, sitting next to BBC 1 & ITV, with users easily being able to access videos from channels they have subscribed to. This will certainly change the value in creating original video content whether for your business or just for fun, as it opens the opportunity for any Joe Bloggs to become an overnight household name, even quicker than applying to be a Big Brother contestant!
This ease of access to online video will put a huge amount of value on YouTube Business Channels over the next couple of years and companies will need to start thinking about including video into their content marketing strategy. Leaving it too late will mean having to catch up with competing companies who have been producing regular videos for much longer, who as a result will have a back catalogue of useful, informative content.
Over the last 6 months, content marketing has become a hot topic and with search engines now putting focus on new, original content, we are sure to see an increase in companies including these costs into their marketing budgets for 2013. Why is content so popular? Well content is what people share on social platforms, whether it is an interesting article, a funny video, or embarrassing celebrity photos. So expect to see a lot more blogs and vlogs (video blogs/expert videos) coming out in the next year as companies try to engage with their target audience more.
Companies who are ignoring social media are going to suffer in 2013, because customers use social platforms to engage with brands and like to be able to vent any frustration or complaints against a company. This is one of the reasons companies fear social media, but the reality is, hearing complaints from customers allows you to deal with the situation and make right any mistakes. Ignoring social media won’t stop this, but it will all be happening blissfully behind your back! Just take a look at how Bodyform responded in a humorous way to a comment on Facebook. (‘Bodyfrom Responds: The Truth‘ – Video)
By 2014 (predicting even further into the future), mobile Internet should take over desktop Internet usage, with the increase of smart phone devices being more and more accessible. This will only make online video more prominent as currently there are already over 200 million YouTube views on mobile devices each day! People need to be able to access video everywhere and mobile video views will increase in 2013. Great example of utilising a mixture of marketing platforms, was V05’s campaign where TV viewers could use Shazam (mobile app that can tag a song in a matter of seconds and tell you artist and song title) to send people to hair tip videos on YouTube during short ad snippets before and after ad breaks on the X-Factor. Utilising the wider TV audience, but sending them to their online video content as they know people are using their phones while watching; in fact 86% of mobile Internet users are using their devices while watching TV.
YouTube ads and sponsored videos will see an increase in the New Year, especially with larger brands who want to get their video content out to the masses and increase exposure. This has recently been seen with the Southern Comfort advert, which seems to appear as sponsored video in most search results at the moment; or is that just to do with our searching habits!
Video content for businesses will take a prominent position in marketing guides in 2013. It has battled through the storm and prevailed, it is no longer a potential fad, it has earned its place as a key marketing tool and we will see more and more marketing companies trying to include video into their service offerings. As a result more businesses will be willing to invest money into video as opposed to trying to film videos themselves and the value of professional video will be more prominent. It is an exciting time for businesses in the UK and worldwide and utilising video now will put you ahead of your competition, leaving it too late could be a costly mistake; similar to those who have not adopted social media yet. You can’t build a social presence overnight and the same goes for generating a following of subscribers to your video content.