Video marketing has always been big business, but in 2024, the practice has proven itself to be the best way to connect with audiences and deliver a return on investment.
The stats reflect this. According to Statista, video advertising spending is projected to reach $176.6 billion in 2023, and is expected to show an annual growth rate of 6.49% up to 2028. The average person now spends 17 hours a week watching digital videos in 2023 and 92.3% of internet users watch digital videos each week.
What are people watching? Music videos (49.4%) are in the top position, followed by comedy, meme, or viral videos (35.3%), but interestingly, tutorial or how-to videos have rocketed up the charts to third place (26.4%)—check out our article on TikTok and its role as the home of educational content.
Connectivity matters
So, what’s behind the rise of video? Three things: the widespread availability of high-speed internet, improved mobile and smartphones. From mobiles to tablets, laptops to televisions, the potential reach of video marketing campaigns has never been greater.
Though none have had as big an effect as mobile. According to Statista, the number of mobile internet users is now approximately five billion in 2023, suggesting that more than 60% of the global internet population now uses their phones to go online—they expect the figure to increase year-on-year for the foreseeable future.
While the portability of mobile is undoubtedly part of the story, another is that the tech giants have made sharing content a top priority. Global animation studio Wyzowl, in their annual report on digital video, found that app-design means that users are twice as likely to share a video over any other type of online content, including blog posts, pictures, or meme.
The community and sharing aspect of video has led to some of the best viral digital video campaigns, for example, Chipotle’s “Lid Flip Challenge“ which encourages users to upload videos of themselves flipping their Chipotle bowl lids onto their bowls. In just six days, this campaign (May 2020) generated 250,000 video submissions and 430 million views.
If you’re looking to follow in their footsteps, know this: 27% of viral videos start on YouTube, followed closely by TikTok at 24%, according to Dash.
Humans love visual content
Part of video’s appeal comes down to human physiology. A 2014 study by MIT found that 90% of the information transmitted to the brain is visual. Not only are humans inherently visual creatives, digital marketing video typically combines auditory cues and copy, with increasing focus on eye-catching, short and addictive elements introduce through creation tools.
To try and quantify the appeal of video over other media, Dr James McQuivey of the research company Forrester did some calculations, finding that one minute of video equates to around 1.8 million words in value. Make your own conclusions on his calculation below.
Whether he’s right or wrong, the engagement stats around digital video are striking. Viewers are twice as likely to share video content with their friends than any other type of content, says Wyzowl, and the average viewer retention rate for videos across the board is 53%, according to a Vidyard report.
An increasingly popular trend in video advertising is silent optimisation, meaning the practice of producing video that can be enjoyed without sound, typically for a busy, public setting—the age of the silent film come full circle. One report even suggests that about 85% of Facebook users and 80% of Twitter users watch videos on mute.
Here’s one (particularly obnoxious) example:
The narrative advantage
Video provide a powerful medium for storytelling, allowing businesses to convey their brand story, values, and mission quickly and effectively. Of all the Instagram story formats, around 35% of users say they engage with short narrative-styled content most often, says Hubspot. Creating an emotional connection with an audience through compelling narratives can leave a lasting impact and build brand loyalty over the long run.
“The amazing thing about video is that, at its heart, it’s a simple combination of sounds and images,” says Robert Alderson, Director of Engagement and Community at Vimeo. “But within those parameters, the possibilities are extraordinary. Video cuts through like no other medium and engages people on a deeper, maybe even more primal level.”
For example, Vimeo points to the TikTok account for the the Black Country Living Museum, an award-winning open-air museum in the UK, saying the social account captures the museum’s identity while also using the platform’s “vernacular” to great effect.
A report from report from Lemonlight, a video production company, found that messaging/storyline and authenticity are the top two traits for an engaging marketing video. The report says stories can ignite our emotions, get to the heart of a pain point, present a solution and give us a window into a business.
Maximising return on investment
Video marketing is all about getting the best Return on Investment (ROI). According to a report from Hubspot, 41% of marketing professionals say that overall ROI from video marketing is high, and 32% claim that video ROI is better than other types of content.
The same report found that Instagram is the social media channel that provides marketers with the highest ROI, followed in second place by Facebook (also owned by Meta), TikTok and YouTube in joint second. Instagram ranked as the most-used influencer marketing platform used among marketers in the United States in 2021, says Statista.
To deliver the best ROI it all comes down to execution. Wyzowl found that 84% of people have been convinced to purchase a product or service after watching a compelling brand video, and that 87% of marketers can attribute sales back to their video marketing efforts.
Interestingly, it found that users like video for its ability to provide valuable information in a concise and digestible fashion, which is confirmed by a report from Google that found 55% of customers used online video while going shopping in-store. This points to another trend: younger demographics using social media as a replacement for traditional search engines.
How to make the most of video marketing in 2024?
There’s too much to go over here but Hubspot has some interesting tips. Consumers are looking for marketing videos that are relatable (which deliver the highest ROI), trendy (through news and culture), authentic (featuring real people) and interactive (using new features).
Another tip is to look towards user-generated content. Bazaar Voice found that 86% of consumers believe that more authentic user-generated content (USG) should be used in their paid and owned media, and that this would improve the performance of ads and content.
In 2024 and beyond, video marketing stands out as an absolute essential for maximising your impact.
If you’re aiming to take your video marketing efforts to new heights, Hunterlodge is here to be your dedicated partner. Watch our showreel and see how we go about things.
Our content team is ready to not just meet but exceed your expectations, whether it’s directing, shooting, writing, advising, or something else. Get in touch, today.
