Consumer online video as a domain has seen breakthrough disruption in the last decade. It was reported three years ago that 6 out of 10 internet users uploaded at least one video every month. Since then, this number has only been rising with better internet adoption in the last few years. While that gives you a picture of how smartphones have nudged consumers to create videos, the other side of the consumer story - that of online entertainment- is equally compelling.
In a 2020 internet minute, more than 400000 hours of Netflix content are streamed by users worldwide. Adding to that, YouTube has 2 billion users who watch at least one video every month, and the number grew by 200 million in the last 2 years. This will only spiral upward with the adoption of 5G technology standard by broadband cellular networks.
Let's dive into what the business online video industry has been doing. It appears that 65% of people believe brands don't produce videos worth watching. Adding to that, with news being a category of story that most users like to keep a tab on, it's surprising to see that only 2.5% of average visit time was spent on video pages in a range of 30 online news sites. Creation of business videos seem to have a lag as well. In a recent study 45% of media teams have paused or stopped a video campaign midway in 2020.
There are also some things that don't work so well with online video for business. Video posts produced by news organizations received 30% less engaged time than the average post. This contradicts the general notion of news like ‘videos tending to do better on social media.' Adding to that, 91% of people say that they decide if they're going to continue watching a video within the first 10 seconds. The reporting on the design of video won't be complete without evaluating what type of videos are being created and published by businesses worldwide. We looked at 225,000 videos designed recently on Typito and published by businesses ranging from freelancers to small marketing teams to agencies to large corporations.
Among the insights we were able to draw, we understood two key points:
1. 53% of these video projects had branded captions added on them - that is sub-titles that were designed to reflect the brand identity in terms of colors, font style, and other characteristics.
2. On average, every video had 7 text animation overlays added on them, conforming with the popularity of the Text Video format we talked about. These text overlays fall under the categories: Intros, Lower Thirds, Captions, and Outros. All of these elements help the creator stitch together a video story with text and media. Certain worldwide events lead to drastic behavioral changes, and the Covid-19 pandemic of 2020 has been one of them. The pandemic forced businesses worldwide to adapt to new ways of doing things.
One of the most prevalent tectonic changes has been the adoption of video for various business functions - whether it's client relations, team collaboration, or knowledge sharing. We have suddenly become dependent on services that allow us to work and learn from home, with video playing a central role in this transformation.
Virtual events are up 1,000% since the inception of the 2020, and more than 80% of U.S. based enterprise - technology providers said corporate customers last month were shopping for communications, collaboration, and other remote-work tools, up from 76% in March 2020. Many hyperlocal small businesses have also changed their style of operations, the prime example being fitness studios going online, adopting Online Video as the means of teaching, and appearing poised to enter an online fitness boom. By 2022, it is estimated that 82% of all content creation will be video.
The changes in the way we interact with our surroundings via video will have long-lasting effects on the way we evolve as social animals. One of them would be our acquired ability to become comfortable with video as a medium for communication. We believe this can be the turning point for online video for business to finally gather enough momentum to become a promising channel for businesses worldwide, with the help of Typito’s wide selection of video editing tools. Online video for business is not there yet, but the future looks promising.
Create your first engaging video using: https://typito.com/tools