2024 Video Marketing Statistics You Simply Can’t Overlook
When Cisco predicted that by 2024, online videos would make up more than 82% of all consumer internet traffic we all sort of thought, “no way!” And yet here we are, as 2022 comes to a close, it has already been stated that more than 82% of all internet traffic is in fact the result of digital video. 2024 video marketing statistics like the prediction by Cisco have been realized as the industry continues to soar to new heights. So what else is in store for 2024?
Live Internet Accounts for 17% of Internet Video Traffic
In another wildly unpopular Cisco prediction, the firm announced that by 2024 live internet video would account for 17% of all internet traffic. Although this statistic might be tough to swallow, especially if you’re still trying to grapple with the idea of posting video online at all, it’s proof along with the many other signs we’re seeing that 2024 is the year the internet is largely not only fueled by video, but will be fueled by live video streams.
If you’re not convinced that the shift is going to occur, or that live video marketing is going to largely fuel the next twelve months, you might want to take a closer look? Consider the following:
- Video streaming is projected to reach 184.3 billion in the next five years.
- The video streaming market is projected to reach 223.98 billion by 2028.
- Live streaming will continue to result in increased revenue for brands, and for streamers – in an industry where a single streamer earned $49.7 million in ONE DAY!
- 91% of streaming takes place via Twitch but YouTube & Facebook Live will continue to invest heavily into the live video market.
- 45% more daily live streams occurred on YouTube since the beginning of 2020.
- 82% of consumers prefer live stream over a brand’s social posts.
- 80% of people would rather watch a live video from a brand than read their blog.
Advertisers Will Spend 82% more on Video in 2024
While 17% of marketers that still don’t use video state it’s too expensive, those who do use video will not only continue but they’re going to invest more than ever before into video in 2024. Smart marketers realize that the only way to make a stance in any industry today is to incorporate video into their marketing campaigns. Video advertising is expected to grow exponentially as it feeds the projected $200 billion advertisers will spend in total on all digital advertising in the US.
Of course, there’s plenty of justification for this increase in spend, particularly since 85% of marketers credit video as a highly effective means of attracting attention online. Additional statistics that support the increased spend on video marketing include:
- 80% of people prefer video over written text.
- 60% of the population prefers online content to television.
- 87% of customers want more videos from brands.
- 71% of advertisers will increase their budget on influencer marketing in 2024.
1 Million Videos Will be Watched Every Second
In another amazing 2024 video marketing statistic that you can’t afford to overlook, it is estimated that viewers will consume 1 million videos every second in the coming year. This probably has something to do with the fact that 49% of people consumer at least 5 videos per day, every day as of 2022. There’s also the likelihood that more videos will be watched now that the most common type of video to engage with is short-form content. The rise of TikTok, YouTube Shorts, and Instagram Stories has certainly changed the way we consume video.
To further support the premise that 1 million videos per second will be watched, just consider the fact that YouTube alone accounts for 5 billion hours of video daily. Add to that the fact that TikTok’s 1 billion active users consume an average of 89 minutes per day each, up from 52 minutes the year before. And Twitch’s 41.5 million users consume an average of 95 minutes per day, It becomes relatively easy to believe that we’re easily consuming 1 million videos per second, all be it an insane statistic that marketers certainly cannot and should not overlook!
61% of B2C Marketers will Harness the Power of Influencer Video Marketing
We’ve seen the rise of influencer marketing and how much it can deliver, and in 2024, many marketers are turning their video efforts to the pros – the influencers that already have the attention of mass audiences and have the potential to share a brand’s existing message and vision. However, many brands will shift some of the focus, rather than choosing the most popular influencers online, many of the 61% of marketers that will harness the power of the influencer will turn to micro-influencers.
If you’re not yet convinced that influencer marketing is a rising point of opportunity, consider the following statistics that surround influencer marketing and the use of influencer promoted video:
- The influencer marketing marketing industry is worth $13.8 Billion and rising.
- 75% of brands dedicate budget to influencer marketing already.
- TikTok Influencer campaigns rose 325% in 2021.
- 86% of marketers are already using shoppable links in influencer campaigns to allow consumers to go from inspiration to purchase, instantly.
- 86% of women turn to social media for purchase advice.
- Influencer marketing campaigns earn an average of $5.78 for every dollar spent.
If you’re surprised at these 2024 video marketing statistics, you’re not alone! Some of these figures are certainly shocking, and fun to see too. Proof that video marketing is not only here to stay, but that it’s growing more rapidly than ever and that brands stand to achieve great success with the campaigns they create. If you’re ready to get started with video marketing, give Beverly Boy Productions a call and start growing your brand, today!