Welcome to the year of video! In 2020, this marketing medium is more important to customers than ever before. Indeed, time spent streaming video increased by over 40% in Austria and Spain this year. Now, it’s safe to say that this increase happened because of the coronavirus pandemic. However, it also attests to the true power of video and its ability to help us unwind.
Every day, we stream our favorite TV shows or movies, watch tutorials to learn something new, or tune into a live Q&A or conferences. Video is now our faithful companion. Nothing is successful at capturing people’s attention like this medium. That probably explains why we spend more than 20 hours watching online video every week.
In this article, we’ll rely on research to look at video consumption in 2020 and how it is changing. If you haven’t, prepare to jump on the video bandwagon following our blog post.
Video Consumption in 2020: We’re Living in the Video-First World
81% of businesses develop video marketing strategies. This proves that we live in the video-first world. Indeed, according to HubSpot, 85% of customers want to see more videos from their favorite brands.
Unsurprisingly, video’s current popularity is due to millennials and Gen Z-ers. The members of these groups all grew up with technology and are no strangers to the Internet. When learning something new, they are more prone to watching a video than reading a book. So, this tool takes center stage in the lives of younger generations.
Therefore, brands know they should leverage video when promoting their product or service. Of course, you can use other types of content, but video is a sure-fire way to get your audience to pay attention.
Honestly, our interest in video doesn’t surprise us at all. At first, we were glued to our TV screens, waiting to catch a glimpse of our favorite actors. Now, video has moved to smartphones and other devices. And brands have found new ways to use this marketing tool.
Today, we don’t wait for a commercial to appear on TV to find out about a new product. Quite the contrary, we just visit a social media network and voila — there are many marketing videos on it.
So, video isn’t going anywhere. It has the ability to expand, evolve, and change to adapt to new consumer needs. For the time being, let’s examine video consumption in 2020 and some of the trends.
How Video Consumption Is Changing in 2020
Similar to other industries, the global pandemic has also affected marketing. For most part, brands have had to choose inbound marketing and forego outbound marketing to reach more consumers. With people practicing social distancing, it’s more likely that you’ll connect with them on the internet than through billboards. And brands around the world are aware of that.
Due to the new normal, video consumption in 2020 is rapidly changing. Customers spend more time on their smartphones, watching various different content on social media platforms or elsewhere. In fact, Tubular Labs states that consumers now love to see the following content:
- Sports
- Music
- Arts & culture
- Health & fitness
Moreover, video consumers also exhibit certain habits and behaviors when it comes to this medium. And to understand video consumption in 2020, we’ll delve deeper into the consumers’ attitude towards video. In the end, you’ll understand how to respond to your customers’ needs accordingly.
Let’s begin!
Consumers Rely on Marketing Videos
In the past, marketers knew that consumers were more likely to visit websites to learn about a product. However, this has changed in recent years. Now, video is accessible on every social media network. You can’t scroll down your Facebook or Instagram feed without pausing to watch a video. So, consumers are now relying more on this content type during their research phase.
Brands get higher engagement rates because of video marketing. At the same time, customers expect to see this medium from companies. In fact, in 2018, 87% of them said they wanted to see more branded videos in 2019.
Fast forward to 2020, and their expectations are growing. Every day, people watch explainers, product reviews, live videos, or tutorials before purchasing a product. Only after this do they contemplate visiting a store.
But, what does this mean for your brand? Well, if a potential customer searches for a tutorial and product review and can’t find it, they might choose another brand instead of you. This is because videos show how a product or service works in real life. Not only that, but videos also come across as more authentic than other content marketing assets, including blog posts.
Gen Z and Millennials Can’t Imagine Life Without Video
This won’t surprise most of you, but we’ll say it nevertheless. Each new generation watches more video content than the last one. But, there’s something that connects millennials and Gen Z-ers. According to Google, one in two Gen Z-ers and millennials “don’t know how they’d get through life” without video. This is what marks video consumption in 2020.
Although video is a source of entertainment for them, these two generations also watch it to gather information. If they want to discover a new product, they are more likely to play explainers than settle for huge chunks of text.
As millennials and Gen Z-ers are reaching their full purchasing power, it’s highly likely that they take up a huge portion of your audience today. So, if you want to attract them, start developing video strategies. They’ll use your content to learn more about your brand and how it aligns with their expectations. Ultimately, they search for that content to confirm that your brand is the right one for them.
Viewers Want to Unwind by Watching Video
Older generations used to tune in to watch their favorite sitcom or visit the cinema to reduce stress. Years later, the platforms have changed among younger generations, but one thing hasn’t — the need for relaxing and unwinding.
Google’s survey asked participants why they watch video content. The majority of them responded that videos help them “relax and unwind.” In addition to this, one of the top reasons why people watch videos is that it helps them “dig deeper into their interests.”
As a marketer, you shouldn’t only focus on creating content that will relax or entertain your viewers. But, you should remember that the majority of viewers want to be intrigued or amused by your content. So, even if you want to create educational videos, you can insert some funny anecdotes or add other entertaining elements.
Video Consumers Want to Learn More About Their Passions
It’s obvious that video consumption in 2020 is changing. Today, this tool provides a form of escapism to viewers. However, videos also exist to teach people something new or allow them to broaden their existing knowledge. For most part, consumers watch content related to their interests, hobbies, or passions.
Chances are your product or service does relate to someone’s interests, hobbies, or passions as it is. Therefore, you should create videos aimed at those people. Trust us, they will enjoy your videos. Perhaps the best thing you can do is create a buyer persona and target that audience. As a result, you’ll be able to determine what video topics they want to see and remember you for.
Younger Generations Are Watching Longer Content
The average person has an attention span of eight seconds. Although consumer’s attention span is low, they can still watch long-form videos, provided that they capture their attention and engage them.
Both millennials and Gen Z-ers are able to watch longer videos. But, as a marketer, you should research the attention spans of each generation as you set to create a new video. That video will only have a couple of seconds to catch viewers’ attention as they scroll down their social media feeds.
Of course, if the video is able to capture them and provide entertaining and valuable information, they will continue watching until the very end — regardless of the video’s length.
Before you post the video online, pretend you’re a consumer while watching it. Ask yourself: “Does the video have the ability to keep viewers’ attention?” If you find some boring parts, it might be wise to remove them. And if you’re able to create entertaining and informative content, then don’t worry about the length.
Video Consumption in 2020
Video consumption in 2020 proves that the digital world will evolve with each new generation. At this point, the video scene is changing in a way that benefits marketers. After all, consumers want to watch video content to learn more about brands. Also, they use this tool to gather information throughout their buyer’s journey.
Furthermore, the majority of video consumers now watch videos to learn something new rather than just entertain themselves. This means that you can add educational videos to your strategy and focus on a particular niche.
Bear this in mind: In 2020, you don’t need an expensive video to succeed. You only need to create content that entertains, educates, and engages your audience.
