Marketers are turning to video marketing to engage with their audience more. The audio-visual in the form of storytelling has helped marketers capture the attention of their users. Social media platforms are also opening up newer avenues for video marketing. With the rising popularity of internet and smartphones, online videos are garnering positive reviews everywhere.
A new report from eMarketer states that the there will be more than 998 million digital video viewers in the Asia-Pacific region in 2016. Between 2016 and 2020, nearly 34 million new video viewers would be added, making the total count reach 1.34 billion by 2020.
eMarketer also estimates that the region will record 12.6% growth in the video viewers’ count in 2016 as compared to the last year. In further years, however, the year-over-year growth is predicted to slow down, reducing to 5.7% in 2020.
Overall, there are 1.83 billion internet users in the region. It means nearly 56.8% of internet users in the APAC region consume digital video content.
Digital Video Viewership: Country-wise
China is the largest market for Internet and Smartphone companies. In spite of that, China has a low internet penetration level as only 52.2% of the population has access to the Internet. China houses more than half of video viewers in the APAC region.
Out of 721.4 million internet users in the country, 530.4 million users are estimated to watch digital videos by the end of 2016. Therefore, a healthy viewership of 73.4% makes China the largest market for advertisers targeting video viewers.
The growth in the number of video viewers is much faster in countries, such as Australia, Japan and South Korea, which have deep internet penetration. Australia has the highest penetration rate this year, with more than 75% of internet users are regularly watching digital video. Indonesia, South Korea and Japan also account for high digital video viewing, with more than 64% of the internet users are engaging over digital videos.
With just 461 million internet users, India is one of the countries in the region which have low internet penetration. The effect is clearly visible on adoption of video content as the country has the lowest penetration of digital video viewers in the region, reports eMarketer. However, the tides are expected to turn soon as the country reportedly has the highest level of growth in video viewers and video views.
The Exploded Consumption of Digital Video Content
Digital videos have seen a lot of growth in the past years. eMarketer also reports that globally there will be 1.98 billion digital video views in 2016. This is contributed by nearly half of the users of APAC region. The report also highlights the growing impact of mobile devices on human life as 50% of these video views will be happening on mobile devices.
eMarketer states that there would be a steady growth of digital video viewers in the APAC region. With efforts of increasing the Internet access levels, India also sees a rise in its digital video usage.
The growth of digital video content is unnerving. By 2020, the number of internet users worldwide is expected to reach 4.17 billion and more than 2.5 billion people would be watching digital videos. It clearly depicts that digital video content will account for more than 60% of the total Internet traffic. A major reason for this growth is the ease of Internet availability in APAC region, specifically India. With the launch of Reliance Jio, Facebook’s Express Wifi and availability of fast 4G connectivity, Indian mobile and Internet users are tuning into videos like never before.
Social Media platforms are playing a vital role in the unprecedented consumption of digital video content globally. Facebook, Instagram, Snapchat, Periscope and more apps allow users to have access to thousands of videos and watch it on the go. Each of these platforms has indicated a high growth in their video content viewing and is quickly becoming the trend of social media everywhere. Facebook reports nearly 8 billion video views per day, while Snapchat has an even higher 10 billion daily video views. YouTube users watch more than 3 billion hours of video per month. YouTube also reports over a billion users, nearly one-third of the total 3.5 billion global internet users.
Video Advertising Growth:
The unprecedented growth in digital video consumption has given wings to advertisers. According to statistics, video advertising works better than any other form of advertising. The average CTR of video ads is 1.84%, highest of all formats.
Some of the jaw-dropping stats highlight the growing impact of video content on consumers’ various aspects of life:
- 90% of users prefer videos to assess a product before buying.
- At least once a week, 75% of executives take to business websites to watch videos.
- Video ads are trusted by almost 36% of online consumers.
- Nearly 87% of online marketers use video content.
Thanks to these statistics, marketers and advertisers spend an average of more than $10 million annually on digital video, representing an 85% growth from last two years. Reports show that video ad spending is going to increase in the coming years.
In 2016, online video ad spending will hit $17.68 billion. This number is going to rise to $23.78 billion by 2017.
It is evident that videos are the new viral digital form of content. Social media platforms, games, apps, e-Commerce, business websites and almost every platform are hosting video ads. Looking at the above figures, it is obvious that consumers everywhere are loving it!