Video Consumption – Where is it now, and where is it going?
As a marketer, it’s important for you to stay up to date with the current trends.
Video is one of the most effective ways to grab consumer attention online, and done correctly, you can even get potential customers to seek out your video content.
Understanding how video is being consumed in today’s digital world can help you make better strategic decisions.
To help you with your video marketing strategies, this article will give you current snapshot of where video consumption is and where it’s expected to in the near future.
America loves streaming
Currently, 57% of Americans are subscribed to at least one video streaming service. This amounts to 147.5 million U.S. Netflix subscribers, 88.7 million Prime Video users, and 55 million Hulu subscribers.
Streaming is clearly becoming the method of choice for video consumption. However, 65% of U.S. consumers pay for a traditional TV subscription. There’s clearly a lot of overlap as well – 47% of U.S. consumers actually pay for both traditional TV and at least one internet streaming service.
Not only that, but it’s likely that if someone is subscribed to one streaming service, they’re also subscribed to another. Consumers that pay for video streaming services are, on average, subscribed to three different services.
In any case, it’s clear that video streaming is growing rapidly.
YouTube is in the lead
Sure, Netflix and Hulu are great, but YouTube is still leading the way in internet video consumption.
Currently, 192 million U.S. consumers are on YouTube – mostly for free, but some paid. This is great news for marketers who are looking to run a video ad campaign.
According to Google themselves, the top 4 categories on YouTube are entertainment/pop culture, comedy, music, and “how-to” videos!
This is great news for small businesses or brands looking to leverage video as a part of their content marketing strategy!
Traditional cable is on its way out
By now, you’re probably clear on the fact that video is moving to the internet.
What’s not exactly as clear-cut is how quickly it’s happening. Today, there are 33 million cord-cutters in the United States. By 2022, this number is expected to grow to 55 million.
For video advertisers, this means TV advertising will soon be replaced with its digital counterpart.
Most streaming is done on a TV – not a mobile device
Mobile devices are responsible for over 50% of internet traffic. This means that 50% of video consumption is on a mobile device, right?
Nope! In fact, 70% of all video streaming happens on a TV, while only an estimated 15-20% happens on a mobile device.
So when planning your video advertising or content marketing strategy, be sure to consider the fact that viewers may be sitting on their couch rather than at their desk.