According to Comscore, more than 168 million U.S. Internet users watched over 26 billion online videos in September 2009. And it wasn’t just the breaking news or the hilarious family bloopers posted to websites that drove such enormous traffic. It’s mostly that videos have become the main component of online marketing for businesses across the globe. According to the Interactive Advertising Bureau, video is now the fastest-growing segment in Internet advertising. Online video brought in $477 million in revenue in early 2009, a 38 percent increase from 2008. Talk about taking center stage.
So why the recent rise in online video presence? For starters, video advertisement has a higher level of credibility compared to text or graphics. A teenager is going to be more inclined to buy from Nike if he watches a professional soccer player test out Nike shoes in practice than if he reads an ad in the paper. Video offers visual proof that your brand is what you claim it to be. And thanks to the evolution of the Web into an interactive experience, people can back up your online video ads by sharing them on social media sites or blogging about them.
YouTube has driven the video revolution, capitalizing in strategic partnerships and advancements almost weekly. Take Target for example, who recently paired with YouTube to create the ultimate holiday channel – YouTube Holiday Solutions. One can find seasonal recipes, helpful gift giving tips, decorating ideas, all utilizing Target items and all in video form. YouTube also announced a merge this week with the Spanish Television Network, Univision, to provide for the rising population of Hispanics in the United States. And just the other day, YouTube released YouTube Direct, a tool that allows users to easily submit clips to be considered for news media companies. This will position YouTube not only as a public video host, but also as a liaison between media organizations and reporters.
Video is leading the online experience because in a constantly evolving media market, interaction is key. If a company can create a video that successfully communicates its value to me in an entertaining way, I’m going to pay attention. Better yet, I’m going to post it, bookmark it, email it, embed it, and retweet it.