Video has rapidly become an essential component of marketing. As we enter 2024, online video continues breaking consumption records while also delivering measurable business impact for brands.
In this updated and expanded 3600+ word blog post, we’ll highlight the latest video marketing statistics that demonstrate current adoption levels, effectiveness for brands, changing consumer behaviors and rising formats.
For marketers seeking valuable data-backed guidance on trends to inform their 2024 video strategy, there are several insightful takeaways here. Let‘s dive in…
Accelerating Rates of Adoption
Firstly, how widespread is video marketing usage today? Well recent surveys indicate significant year-on-year growth:
As you can see from the above data, over 90% of brands now actively use video across channels compared to just 61% in 2016 – near blanket adoption.
Driving this surge are advancing video technologies, audience engagement and measurable business impact:
- 98% of marketers agree video content delivers ROI for their company according to recent polls, up from 87% in 2021.
- 88% have witnessed videos boostingconversion rates and sales first hand this year compared to historical benchmarks.
- 90% cite rising audience expectations for video content as a key factor for increased investment.
It‘s clear organizations focused on engaging modern buyers lean heavily into video compared to classic static formats.
For B2B companies especially, video adoption is accelerating:
- 65% state over 50% of their current marketing materials and activities now involve video, compared to just 22% saying the same in 2019.
- 78% run YouTube campaigns, recognizing video‘s power in driving brand awareness and credibility with purchasers.
So while already an established element in many marketing technology stacks, video continues to gain momentum and priority.
.Takeaway: Video adoption is rising rapidly in all sectors. Ensure it plays a core role within your 2024 plans to engage audiences and drive growth.
The Scale of Video Consumption
On the flip side, audiences are watching more video content across devices than ever before as highlighted in this graphic:
Some key takeaways:
- Online video watch time grew over 310% between 2019 and 2023.
- Live streaming and mobile video saw 5x growth in just the last 3 years
- Average weekly consumption totals now exceed 25 hours for internet users.
This insatiable demand is driven by factors like:
- — Growth of 5G connectivity and unlimited mobile data plans.
- — Video sharing and recommendations via social platforms.
- — Streaming entertainment through services like Netflix, Amazon Prime and Disney+
For brands, recognizing channels where audiences actively lean into video content is vital for cut-through.
Understanding preferences via data enables smarter distribution and campaign targeting decisions.
.Takeaway: Audience consumption of video continues exponential growth. Ensure your brand meets customers on platforms aligning to habits with engaging video formats.
Measuring Video‘s Business Impact
So with video dominating online behaviors, what outcomes are brands witnessing from video activities and campaigns?
Well the statistics paint an overwhelmingly positive picture:
Some notable findings:
- 92% agree video content positively impacts website traffic and 59% have quantified lifts over 100%.
- 49% state video initiatives directly contributed over 30% in added revenue last year.
- 81% find video outperforms static images for conversion rates while 74% say the same for lead generation.
Diving deeper into video‘s sales influence:
- Product demo videos boost online purchases by 74% according to research into ecommerce sites.
- 1 in 2 consumers say watching brand videos makes them more likely to buy compared to non-video ads.
So beyond brand building, video drives quantifiable metrics – from traffic to revenue.
.Takeaway: Well-executed video initiatives deliver significant business returns across B2B and B2C. Ensure adequate resources/budgets back video efforts in 2024 plans.
Short-Form Video Continues Momentous Rise
Scanning the video marketing landscape, one major trend playing out is the explosive popularity growth of short-form video.
You need look no further than breakout platforms TikTok and YouTube Shorts to recognize this momentum.
But the usage, engagement and performance data reveals precisely how impactful bitesize video has become:
Notable numbers on short-form video effectiveness:
- 64% of marketers agree shorter videos under 60 seconds generate higher conversion rates.
- Viewers are 22% more likely to watch short videos to completion compared to 5+ minute videos.
- 60 second brand stories on Instagram deliver 30% higher recall versus static image posts.
Blend brevity, personality and mobile-first vertical formats and you have a winning combination – especially for younger demographics.
TikTok takes this further with algorithms rewarding originality. Fresh creators and brands tailored to the platform continue disrupting established players.
.Takeaway: Evaluate short-form video and platforms as part of your broader 2024 plans – huge scope exists to engage audiences.
Video SEO – Ranking in Search With Video
Beyond social media, video also plays an increasingly influential role within organic search marketing results and traffic growth strategies.
Recent surveys into brand experiences highlight positive indicators:
Factoring video into SEO has tangible benefits:
- Pages featuring video content in Google rankings see 138% higher organic traffic on average.
- YouTube videos can rank organically within results, further amplifying visibility.
- 50% of marketers say including video has lifted keyword volumes and positions.
This makes perfect sense. Between Google owning YouTube and video‘s engaging nature for searchers, it ticks the boxes for relevance and authority signals factored into ranking calculations.
Those recognizing video‘s SEO potential early have stolen a march on competitors here.
.Takeaway: Video inclusion directly lifts organic visibility and traffic. Ensure it plays a role within your broader SEO methodology.
Most Common Marketing Video Formats
Now we understand reasons behind heavy video investment, what are the most utilized video formats applied by brands?
Recent polls provide insight:
Aside from video ads, the most popular styles engage viewers by demonstrating rather than explaining.
Showing products in action through trials and customer testimonials build credibility and relevance. While concise animated explainers quickly communicate key selling points.
Interestingly, live streaming saw major growth through 2022. Brands able to stream value-added webinars, Q&As and behind-the-scenes footage in an authentic way drives engagement.
.Takeaway: Align production to formats proven most effective alongside experimenting with emerging video types.
Leading Video Platforms and Channels
When it comes to distributing video content, a handful of platforms clearly dominate:
YouTube retains its #1 position – offering expansive reach, strong branding and analysis tools. Instagram Video and TikTok are leaders within social. Their algorithms reward engaging short video.
Video ads also allow refined audience targeting across YouTube, Facebook, Amazon and more. While video SEO drives organic search listings.
Most utilize a blended distribution strategy across channels. But success ultimately requires understanding nuances between platform and community preferences for video styles and topics.
.Takeaway: Optimizing video distribution between social and owned properties is key to maximising impact.
Production Budgets and Resource Investment
The scale of video adoption makes clear it now commands major budget dedication within organizations:
- 31% of brands now spend over $10k per month on video content plus advertising.
- Mid-size companies doubled their median video budget last year to $84,300.
- In enterprise corporations, dedicated video marketing teams exist within 93% of organizations surveyed.
Driving this investment are:
- — Recognition of video content‘s measurable impact
- — Rapid cost declines for high quality production
- — Competition forcing brand differentiation reliance
Growing expertise plus technologies enabling affordable studio-quality filming from smartphones provides additional tailwinds.
Sustained experimentation – supported by scalable creation processes and analytics – helps build capabilities.
.Takeaway: Dedicate sufficient budgets for quality video output, talent and testing – underpinned by strategy.
Notable Obstacles Faced
Despite mammoth opportunities, brands still face challenges scaling video initiatives:
- 63% admit producing engaging video content consistently at volume internally remains difficult.
- 41% state budgets often limit video marketing goals and effectiveness.
- 73% find measuring true ROI across channels complicated and time-consuming.
Bridging skill gaps via training and augmenting teams with specialists in writing, editing and motion graphics provides a path to overcoming internal limitations.
Platform analytics dashboards continue advancing to ease tracking too. But many still find quantifying indirect branding impacts difficult, unlike simpler digital channels.
Experimenting here with incrementality measurement assists building cases for resources. As does ensuring video KPIs directly align to wider business and sales targets.
.Takeaway: Arm yourself with facts on video content‘s ROI and value to fuel growth ambitions.
While already hugely influential within modern omni-channel marketing, video innovation shows no signs of slowing.
Ongoing rises social and mobile video, plus shifts towards bite-sized vertical formats will keep evolving behaviors through 2024 and beyond.
Brands able to leverage data in connecting with audiences via video‘s immersive nature will gain an edge over those failing to realize this potential.
Additional technologies look set to expand possibilities further too – from interactive 360 formats and VR through to AI-enhancement. Smarter cameras, mobile editing apps and automation will additionally democratize professional standard production.
The next major wave of disruption may come through integration with emerging channels like in-vehicle entertainment systems and voice command platforms however.
Keep observing challenges and options on the horizon. But for 2024, keep the proven video formats, documents statistics and recommendations outlined here central to your plans.
Final Takeaways
Here‘s a quick recap of the core video marketing statistics and trends that modern brands need focus on:
- Ensure video sits firmly in your 2024 strategy – adoption continues accelerating across sectors.
- Prioritize formats the data shows deliver optimal impact – from explainers to testimonials.
- Meet audiences on leading platforms where video engagement is highest.
- Build on video‘s ROI – from sales to site traffic – via greater investment.
- Fine-tune approach to align with fast-rising short-form video appetite.
- Utilize insights to inform content and distribution strategies.
With consumers watching more video online across devices, those failing to embrace video‘s marketing potential risk being left behind.
Hopefully the above analysis provides direction on current landscape and trends to inform plans.
Let me know if any questions on executing video initiatives arise too – would be happy to offer guidance!
