Why we like videos
2015 was the year of praise for videos as king of content. Nicola Mendelsohn, VP of Facebook EMEA , predicted all content on the platform may be video in five years. Cisco thinks video will account for 69% of consumer internet traffic by 2017.
Without discrediting the merit of texts and audio, video is a fantastic medium that we believe will become dominant due to several reasons.
First, we consume videos with ease, speed and flexibility due to our ability to process visuals with a higher efficiency than texts and a higher ability to retain information consumed as visuals. Video can be consumed either as visual or audio, and allows audiences to multi-task while doing so. Because of its versatile quality, video provides what is lacked in stand-alone text and audio mediums.
Second, video is a commercially effective tool. It is a powerful product demo and display tool, and has been shown to boost purchase rate. It is not difficult to predict that more retailers will offer their online product display in videos. Marketeers have also reported seeing higher ROIs from video than from any other medium. Additionally, and most importantly, a significant proportion of advertiser money is still spent on TV — but new generation companies like Snapchat are gearing their strategy towards creation of video content that can capture that spend from TV.
Third, thanks to YouTube how-to videos, Snapchat and Facebook live, the younger generation is not only used to consuming video content in high volumes, but also creating their own content and using it for communication. Video is a fast and holistic medium for communication and real time content generation.
Fourth and lastly, the advancement of supporting delivery infrastructures, video tools and wider adoption of these tools strengthen video’s position as a medium of choice and gives it a clear advantage into completely replacing text on Facebook or anywhere else. In our opinion, these tools will increasingly address the essential key areas: discovery, in-video search capability and collaborative content production.
This shift in the market towards video content also sees value moving to producers of video, driven by advertising spend and e-commerce click through revenues. The technology supporting this will be commoditised, with content owners and producers being the beneficiaries of the increased spend, given video is the fuel that now drives individual platform monetisation.
Written by: Nune Wichienkuer