If 2020 has taught us anything, it’s that video will continue to play an integral role in the marketing plans of companies in diverse industries. From retail to the arts and all businesses in between, video has become the preferred channel to promote products, services and events. This preference is held by businesses and consumers alike due to its cost-effective and convenient method of delivering and digesting information.
Growth of the video industry
As a visually captivating format for selling, researching and subsequently purchasing any given offering, video experienced a sudden spike in popularity that shows no signs of slowing down. To illustrate this point, Forbes forecasts the video streaming market to be a $70 Billion industry by 2021, with ad sales rocketing to $61 Billion from $45 Billion in 2019.
Though it is difficult to fathom the success of video marketing when measuring in the billions of dollars, these staggering numbers are supported by the estimation that each person will watch 100 minutes of video per day, which marks a 16% increase since 2019. That means, we’re currently watching online videos more than any other form of video — including network television.
We’ve noted in previous blogs that video has transformed from luxury to necessity in today’s virtual age - and it’s all the more true amidst social distancing and travel restrictions. Although we hope to see an end to COVID-19 to return to normal living, it’s important to acknowledge that the landscape on which we used to function may be changed permanently. In fact, Forbes notes that 66% of U.S. employees are working remotely during the pandemic. In fact, according to Business Insider, a number of leading companies, such as Google and Microsoft, have extended their work-from-home policies — some, indefinitely.
As such, the feasibility of remote work, not to mention cost-effectiveness from an employer’s standpoint and convenience for an employee, has forced companies to rethink the traditional way of conducting business. Today, the majority of meetings, conferences and shareholder updates are being held on a virtual platform as an efficient way of keeping business running smoothly.
This shift to a virtual method of communication also applies to musical artists, sports associations and cultural/religious organizations. Having realized that it’s not always possible to fill seats in physical venues, event organizers from diverse backgrounds benefited from streaming in 2020 and will likely remain as a way to generate supplemental revenue even after the pandemic has ended.
Remaining optimistic about the year ahead, in hopes of returning our world to a safe and healthy state, we bring with us a new, innovative way of interacting with one another. As we look to 2021 as a time to build on what we’ve learned and improve our circumstances, video helps propel the innovative advantage that results from adaptability and resilience. As Thomas Edison simply stated, “There’s a way to do it better — find it.”
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