January 19, 2024

Can’t Miss Video Marketing Stats, Trends & Predictions for 2024

A new year is literally weeks away and with it comes many amazing predictions for the video marketing industry. In fact, with 2024 just around the corner, if you’re not prepared for these video marketing stats, trends and predictions you stand the risk of potentially missing out on a ton of opportunity. In fact, it’s impossible to ignore how important video is in 2024, and if you’re unsure or looking for proof of some sort, we’ve got a long list of video marketing statistics, trends, and predictions for what’s to come in 2024.

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For the past five years, video has continued to drastically raise the bar in regards to generating consumer connections and consistent marketing gains.

If you’re not already engage in video marketing, your business stands to gain tremendously when you get started.

Just consider what the businesses and brands that engaged in video marketing for 2022 have already gained.

Video Production Trends & Statistics

According to recent studies and surveys, businesses that are utilizing video marketing in their campaigns are utilizing a mix of video production support in their day-to-day practices.

In fact, of 76% of marketing teams that have invested marketing funds into video campaigns over the past three years.

More than half chose to hire out either by working with a full-service production company as 28% did, or working with a freelancer which 23% did.

Only 44% of marketing teams chose to keep their video production in-house over the past several years and leading into 2024.

Clearly marketers believe in the importance of video

More than 98% stating that video marketing is going to play an integral role in their marketing operations and campaigns over the next year.

However, the amount that businesses intend to spend on video marketing campaigns in 2024 varies almost as much as the average cost of video production does in general.

In fact:

70% or video marketers are going share between 1 and 4 videos per month across the different potential video marketing channels in 2024.
Explainer videos continue to be extremely popular with 55% of marketers planning explainer video content in 2024.
The majority of video marketers are going to spend under $2,500 per video for their campaigns, although up to 10% will actually spend up to $10,000 per video within their campaign.

It appears video distribution across platforms varies with consumers sharing their video content almost equally across Facebook, LinkedIn, and YouTube.

They specifically look for conversions and engagement as the key factors in whether or not a video is successful.

Trends in Using Videos to Increase Awareness

Businesses are using videos to increase awareness of the products and services offered by their brands to the rest of society.

If you’re still looking for details that support the idea that video marketing is going to continue to fuel business growth in 2024?

Take a look at ways to increase audience awareness and attract audience attention:

86% of marketers report video helping them to increase traffic to their website.
84% of marketers say video helps them to generate leads.
A study by Animoto found video to be an effective way to get attention online for 85% of marketers.
Video ads represent the #1 way for products or services to be discovered by and later purchased by consumers.

Video Marketing & Sales Statistics

Video represents an incredibly powerful marketing tool that is used throughout the initial building or brand awareness early in the funnel.

We are noticing some prominent statistics and trends around the use of video for sales.

In fact, video is incredibly powerful for sales teams and can help them close exponentially more deals.

If you’re looking for proof that video marketing can close the gap between consumer interest in a product or service and the actual sale of the product or service?

Consider the following video marketing sales statistics for 2024:

More than 50% of consumers state video has helped them make the decision to purchase a product or a particular brand.
A study by Wyzowl found that 84% of people were convinced to purchase a product or service after they watched a branded video.
99% of brands that use video on social media have acquired a new customer because of the video.
Video helped to increase sales according to a Wyzowl study which found 78% of marketers satisfied with the influx of sales coming from video marketing.

Industry Specific Video Marketing Stats, Trends & Predictions

In addition to the various trends and statistics that we’ve mentioned prior, there’s proof that video marketing is incredibly valuable.

Video marketing will continue to be important into 2024 if you just take a look at the industry specific trends.

Take for example, any of the following statistics, trends, and individual video marketing outcomes:

99% of marketers intend to use video on Social Media in 2024.
88% of marketers will use more video in 2024, and will devote significantly more spending in 2024.
Nearly half, 46% of all marketers, will use live video as a social media technique.
For those who don’t use video yet, 16% state lack of time, 17% state expenses, and 17% state they don’t know where to start as the reason they’re not involved yet.

Consumer viewing habits are almost certain to rise in 2024

Nearly 70% of all consumers stating that they look for videos in order to learn about products and services that could offer a solution to their problems.

People want to see more video, brands want to create more video, and marketers know that video is important to the health of their video campaigns in 2023.

What video marketing stats, trends, and predictions for 2023 do you expect to become the leading points of video marketing success for brands next year?