If video marketing is the future, then the future has arrived. If you've been wondering if it's worthwhile to invest in video marketing for your business, you've come to the perfect spot. Do you have adequate resources to make videos? Is your target audience interested in videos? Will it all be worth it in the end? In a word, yeah.
In this post, we will go over some of the crucial video marketing data for 2023 that will help you see that the time for video marketing is now. Utilise these fast and simple video marketing statistics to help drive your 2023 video marketing plan.
Before we get into video marketing statistics, let's review the many forms of video content you may use to sell your brand. Explainer videos, which are short videos describing products or services, are one of the most common forms of video content organizations use. Vlogs (video blogs), video interviews, video presentations, tutorials, product evaluations, product demos, recordings of live streams, video testimonials, and video commercials are all popular sorts of video content.
Let's look at the facts on video marketing and see what it has to say. We've gathered the most recent data to ensure that your video marketing plan for 2023 is on target.
1. Internet users throughout the world like video content.
Video material is becoming increasingly popular.
The number of individuals watching digital videos in the United States reached 244.4 million in 2020, exceeding analysts' predictions by a wide margin (Business Insider, 2020).
Despite experts' claims that this spike was mostly driven by the youngest and oldest age groups, the most recent video marketing figures reveal that the majority of digital video watchers are young adults. More than nine out of 10 American customers aged 12 to 44 are digital watchers.
A closer study reveals that 97.8% of US internet users aged 18 to 24 consider themselves to be digital video watchers. This is followed by individuals aged 12 to 17, with 96.2% watching internet videos.
The age group with the lowest digital video viewing is 65 and up. Just 63.8% of persons in this age bracket use the internet to watch videos.
2. The need for video content is growing.
Video material is preferred not just for leisure purposes, but also by businesses. According to recent research, as many as 91% of customers want to see more online video content from companies (Wyzowl, 2023).
With the expanding need for video content, many industry leaders can be observed proactively developing various sorts of video content to suit this rising demand. According to the poll, the number of consumers who want online videos from businesses has been increasing over the last several years and is now at its peak. For example, in 2018, 85% of individuals said they wanted to view more online videos.
According to experts, brand demand for video content is increasing since customers are more inclined to pay attention to it. In comparison, consumers are more likely to skip sections of audio and textual information. Hence, if you want to attract more attention to your brand, video is an excellent choice.
3. Video as an Effective Marketing Tool
With the increased demand for videos, it's no wonder that an increasing number of firms are including video content in their digital marketing plan. After all, marketing professionals cannot afford to overlook the potential that video content may give.
According to the most recent video marketing data, 86% of marketing professionals utilise video as a marketing technique (Wyzowl, 2021).
These marketing experts believe video can help them build their business. The majority of them (78%) believe that videos have directly increased sales, while 86% believe that videos have increased traffic to their website.
4. Customers Like Watching Videos on Social Media.
Viewers are witnessing an increase in the number of videos across all platforms. Whether on blogs, Instagram, TikTok, or YouTube, videos have become an integral component of the internet experience—particularly on social media.
However, not all video content is created equal, and as a brand owner, you should be aware of this video marketing statistic. Short-form videos are the most entertaining, according to a new poll. Short-form videos are preferred by over two-thirds of customers (66%)—2.5 times more than long-form videos (Sprout Social, 2022).
Yet, what constitutes a "short-form" video still varies on the social media platform and genre of video. Experts recommend that Instagram feed videos last 26 seconds, whereas Facebook films lasting between two and five minutes get the most interaction.
5. Video Marketing ROI
The return on investment determines whether or not you should invest in video marketing (ROI). Here are some real numbers: 92% of video marketers in 2023 believe video provides a favourable ROI—a new high (Wyzowl, 2023). Only five years ago, 78% of video marketers felt the same way about videos, a 14 percentage point difference.
In general, businesses use video marketing to improve sales, establish brand awareness and trust, keep current consumers updated, and reach out to future customers. Instagram, YouTube, and Facebook are the most popular venues for marketers to upload social media marketing videos and video advertising.
One reason video marketing is popular as a marketing technique is its ability to present everything in a way that people prefer—visually. Tutorials and explanation videos are very popular with end users.
6. Lead Generation Via Video Marketing
Video marketers generate 66% more qualified leads each year, according to OptinMonster (OptinMonster, 2019). According to OptinMonster, video marketers earn a 54% boost in brand recognition. Furthermore, 93% of marketers claim a social media video helped them get a new consumer. This improved lead quality can be linked to the higher level of instruction provided through video. Customers not only build trust in companies, but they may also learn about the firm or its products through interactive graphics. These statistics demonstrate that there is no need to doubt the value of video marketing for businesses. In terms of video marketing in 2023, it will be an excellent strategy to expand your network and consumer base.
7. Social Media Marketing using Video
Now that we've proved that video is an incredibly powerful marketing tool and that consumers appreciate viewing brand films on social media, the next issue is: Where are marketers focusing their video marketing efforts?
YouTube is the most popular social media site for marketers to broadcast videos, according to the most recent video marketing data. About nine out of ten (89%) marketers expect to use YouTube for video marketing (Wyzowl, 2021).
This is followed by Facebook, the social media king. Seven out of ten marketers want to use the platform for video marketing. LinkedIn is a very young participant in the video marketing space, having just released video services in 2017. Nonetheless, it has already eclipsed other platforms such as Instagram and Twitter to become the third-most-popular social media site for video marketing. Just under two-thirds (63%) of marketers plan to use video on LinkedIn.
8. The Influence of Video on Buying Decisions
Videos not only keep consumers engaged, but they also play a significant part in their decision-making process. According to a Wyzowl poll, roughly eight out of every ten customers purchased a piece of software or programme after watching the brand's video (Wyzowl, 2018).
And the impact of video marketing may be seen throughout the buyer's journey. According to the same report, the majority of individuals (96%, to be exact) look to videos to learn more about a certain product and/or service.
Additionally, if internet behemoths like Google describe videos as "indispensable," you know you're on the right road by including video in your digital marketing approach. According to Google, video impacts internet users by serving as a shopping list to remind them of what they need to buy, providing users with more knowledge and confidence to make purchases, and serving as a source of product evaluations.
9. Video's Increasing Popularity
If the preceding video marketing statistics haven't persuaded you of its benefits, consider this: the amount of time individuals spend viewing videos online is rising.
Users spend an average of six hours and 48 minutes per week watching internet videos in 2019, a 59% increase from only three years previous in 2016. (Limelight, 2019).
And all indications are that this will continue to rise. Audiences under the age of 36 are already spending more time online viewing videos than on traditional broadcast media such as television.
The current worldwide average of video consumption per day is 84 minutes, led by China and Sweden, whose populations spend 103 minutes per day viewing online in 2019.
10. The Impact of Video on Internet Traffic
And, given video's growing popularity, it's no wonder that its market share in internet traffic is expanding.
Video streaming and downloads are expected to account for 82% of worldwide internet traffic in 2022. (Cisco, 2019). This represents an 88% increase from 72.3% in 2017.
To put things in context, 56 exabytes (equal to one billion gigabytes) of online video were consumed monthly in 2017. In 2022, this quantity will have more than quadrupled to 240 exabytes each month.
Not only has the consumption of uploaded videos increased. According to the same Cisco study, traffic from live internet videos increased 15-fold from 2017 to 2022, accounting for 17% of total internet video traffic share in 2022—, a video marketing statistic to consider, especially if you're considering using Instagram or Facebook live videos to market your eCommerce business!
Conclusion
That's all there is to know about video marketing statistics in 2023 so far this year. We hope this has shed some light on how video marketing might assist your e-commerce business!
Video marketing is one of the most effective methods for businesses to reach out to new consumers and expand their brand. And at DigitalxMarketing we are video marketing professionals, from strategy and development to production and delivery.
We'd love to hear from you if you're interested in getting started with video marketing or taking your existing video content to the next level. We look forward to assisting you in reaching your video marketing objectives!