In recent times, videos have become game-changing for businesses.
An average American is consuming 17 hours of video content every week. Meaning businesses have more access to their target audience —- and a greater chance to make more sales.
In this post, we’ll share some of the video statistics of 2024. We’ll breakdown these statistics for you by:
- How much video content is consumed?
- What is the most popular type of video content?
- Benefits of Video Content for Business Owners (Solopreneurs, Small Biz, and Medium-Size Biz)
- Video advertising statistics
Let’s get started!
Key Video Marketing Statistics
Before we dive into the detailed sections, let’s quickly browse an overview of key video marketing statistics:
- Statista reports there were an estimated 3.37 billion internet users consuming video content globally in 2022. This count was projected to increase annually, almost reaching 3.5 billion in 2023.
- Online videos have a worldwide audience reach of 92%, with popular categories including music, comedy, viral, and tutorial videos. Here’s a glimpse of these online video statistics by Statista:
- The 2023 Global Internet Phenomena Report revealed a 23% increase in global internet traffic volume, largely due to the rise in streaming videos.
- Some of the most prominent challenges for content marketers face in terms of video content are as follows:
- 48% marketers believe video content’s potential isn’t being utilized to its full.
- 43% said the lack of in-house talent (videographers, video editors, etc) is a big challenge.
- 40% said there’s limited budget for producing quality video content.
- Men spend 40% more time watching online videos as compared to women.
How much video content is consumed?
- Time of Consumption: The global average for video consumption is 17 hours per week, with Millennials spending 10-20 hours watching videos.
- Region that Consumes Most Video Content: In the U.S., there are 239 million YouTube users actively engaging with video content. India, however, has the highest YouTube content consumption. 462 million Indians actively watch YouTube videos and engage with them.
- Preferred Mode of Video Content Consumption: 90% of consumers watch videos on their mobile devices, surpassing smart TV viewership.
- Preferred Length of Videos: 66% of viewers will watch the entirety of a video if it’s less than 60 seconds long.
- Ideal Channels to Share Videos:
- 86% of consumers spend a quarter or more of their time on social media watching videos.
- 71% of marketers find Facebook to be the most effective video marketing channel, after YouTube.
- Live video on Facebook garners 3x the median interactions compared to carousels.
- 53% percent of consumers prefer Instagram Reels over TikTok and YouTube Shorts for watching short-form videos.
What is the most popular type of video content?
- Video Content VS Other Types of Content: Videos are generally loved by consumers. Out of all content forms, video happens to be the most popular. 73% of consumers were influenced by a brand social presence and were motivated to buy because of it.
- Popularity of Video Content by Channel: While consumers show a strong interest in YouTube, marketers are less inclined to utilize the platform, presenting an opportunity for brands.
- Device Preference: Statista reports 69% of US consumers prefer watching videos on a smartphone.
- Preferred Format of Video Content:
- 45% of users would like to see more of live videos from brands.
- About 66% of consumers find short-form videos more engaging as compared to long-form ones on social media.
- Within the domain of short-form videos, 53% of consumers prefer Instagram reels over TikTok and YouTube shorts.
- Preferred Style of Video Content:
- As per Lemonlight’s 2023 State of B2B Video Marketing Report, product demos and social videos were the most popular types of video content for B2B companies.
- 35% of viewers will continue watching a personalized video until the end as compared to a non-personalized video.
- More than 50% of the users watch explainer videos before making a purchase. This signifies the importance of videos that explain your product/service on homepage. Or the explainer video that outlines the type of content available on your YouTube channel (which you can pin to the top).
- About 44% of internet users watch vlogs every month. This type of content is most popular among 16 – 24 year olds — with about 53% of vlog viewers falling in this demographic.
Suggested Read: YouTube Billionaire Club 2024 – List of Richest YouTubers
Benefits of Video Content for Business Owners
As mentioned earlier, video content is key to significant increase in sales for many businesses. In this section, we’ll show you the data that proves how video content is always a high ROI investment for most businesses.
General Insights
- 73% of consumers have been influenced by a brand’s social media presence when making purchasing decisions.
- According to Content Marketing Institute’s 2020 Report, 71% of B2B marketers and 66% of B2C marketers are using video marketing. This indicates higher favorability and output of video content on the B2B side as compared to B2C.
- 96% of people turn to videos to learn more about a product or service. This statistic underscores the pivotal role of video content in engaging consumers early in the buying journey.
Video ROI Statistics
- Globally, 45% of B2B marketers are creating training videos. Nearly 39% of B2B marketers are focusing on testimonial videos as they yield better return on investment.
- Short-form video delivers the highest ROI compared to other marketing trends.
- 92% of video marketers are satisfied with the ROI of their video marketing on social media.
- 78% of marketing professionals report that videos helped increase sales.
- 84% of people said they visited a website after watching a video ad about the brand’s products or services.
- About 36% of companies created content with the aim of increasing brand awareness and to reach new audiences.
- 32% of marketers believe video content yields the highest output when it links to landing pages.
- Additionally, 54% of businesses already use videos on their landing pages.
- 44% marketers are using view count to measure the success of a video.
- Instagram reels generate 2X more reach on Instagram in comparison to all other post types.
Video Production & Video Advertising Statistics
- The average cost of a video production is $100 – $250 per hour. Video editing may cost $100 – $300 per hour.
- Professional videography equipment costs anywhere between $1000 – $9500+ —- depending on the complexity of your setup.
- Most used video editing software like Adobe Premier Pro costs $60 per month and have a steep learning curve.
- It takes anywhere between 1 hour to several days to edit a single YouTube video. The exact time required for editing depends on type of video, complexity of edit, length of video, and expertise of video editor.
- 60% of content marketers plan to increase their video budget for 2022.
- Video advertising spending in the U.S. is estimated at $78.45 billion in 2023.
- YouTube ads have an average cost-per-view ranging from $.010 to $.030.
- Approximately 35% of video marketing material is crafted from scratch.
- Nearly half, accounting for 48% of marketers, opt for ready-made templates when creating a video.
- A significant 81% of marketers confirm that incorporating music increases viewer engagement with videos.
- Two-thirds, totaling 66% of video marketers, integrate voiceovers into their content creation.
- Projected figures indicate that video ad expenditure will rise to $456 billion by the year 2025.
- Annually, marketers are boosting their video marketing budgets by a notable 25%.
- Marketers witnessed a significant 34% surge in conversion rates through the inclusion of video content in their marketing efforts.
- The incorporation of video content within full-page advertisements has been shown to elevate engagement by 22%.
- Sophisticated video analytics software is employed by 35% of businesses to gauge the effectiveness of their video content.
Final Words
In summary, the numbers we’ve seen highlight how important videos are for businesses. They show that:
- Videos can bring in more money
- Videos are what people like to watch
- And videos can help companies stand out!
Now’s the time to use these facts to make smart choices and start making your own videos.
To kickstart your journey, consider exploring the free trial offered by editvideo.io — which provides an opportunity to experience professional-grade video editing without the commitment of credit card details! With one free video and additional videos during the trial period, businesses can confidently test the waters and unlock the transformative potential of video marketing.
So, don’t delay – seize the opportunity today to engage audiences, drive conversions, and propel your brand forward with captivating video content!
