Video content, including TV, dominates most people’s total media consumption time accounting for 40% of all media and communications used. According to PWC Media Research it is by far the largest media market on the planet.
In the past decade we have seen amazing growth of the online video sector illustrated by YouTube’s success. The site is growing by 13% year on year and is now reaching 17.5 m monthly unique users. Video search on YouTube accounts for 25% of all Google search queries in the US. In fact, if it were a standalone site, YouTube would be the second largest search engine after Google!
The importance of online video can no longer be ignored by advertisers and media owners, especially as it can allow them to reach a much younger audience and attract very high attention levels (second only to gaming). What is more, video offers lower rates and better targeting. The market saw substantial adoption in 2010 and some brands, such as Old Spice or Tipp-Ex, have really understood the value of video.
But it’s evident that advertisers have just got started. With scalability, optimisation, interactivity, personalisation, mobility and more features still on the horizon, this year’s journey in video will be even more impressive. Shishir Mehrotra, Director of Product Management at Google, predicts that “fragmentation will produce new opportunities for content producers, interactivity will allow for great advertisers to compete for attention with content, and convergence of video sources will ultimately lead to a better experience for viewers”.
Online video is about to go through its largest transition yet so watch out for some great video content in 2011!
Anna Zolkiewicz
Junior Analyst
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