Statistics and facts about video consumption in 2023
A report from Techjury provides facts and figures on how video will be treated in 2023. Since video watching is becoming increasingly popular among users, this review will prove useful to you if you are considering investing in this industry.
For example, according to Digital Journal, the average annual growth rate of the global video streaming market is now 12.1%.
Five years ago, the global video content market grossed $39.61 billion. This is not surprising.
Did you know that over 60% of users would rather watch a video than read a text when they need to learn something?
This is confirmed by users’ actions in social networks. For example, every about 500 million Facebook subscribers click on “play”.
The collected data suggests that about 80% of users consume video on mobile devices.
Therefore, over 90% of brands use video in their advertising campaigns.
On average, users spend 7 hours a week in front of a screen.
But if you think you can show them an ad and they watch it to the end, then think about whether you really want to invest in this? Because 66% of users regularly skip videos.
The video content market: facts and figures
Wordstream calculated that as much video content enters the network in 30 calendar days as traditional networks will not be able to broadcast in three decades.
According to Statista, the percentage of video views is very high all over the world in different countries. For example, 64% of Saudi Arabians binge watch videos every day. Among the top ten countries for video consumption are the Americas, Turkey, Brazil, New Zealand, Australia, and Mexico.
Data collected by YouTube indicates that a third of all Internet users use their platform on a daily basis. Every day, people view about 5 billion videos through this video site, while bloggers upload 500 hours of video every minute.
And now let's take a closer look at how many minutes a week US residents spend watching videos, taking into account age:
- 18 to 34 years old – 105 min./week.
- 35 to 49 – 79 min/week
- 50 to 64 years – 48 min./week.
- 65 years and older – 24 min./week.
Video marketing in numbers
Wordstream has calculated that marketers who use video in their content strategy generate ROI 49% faster.
According to Social Media Today, over 80% of businesses use video. Compared to last year, this figure increased by 63%.
Wyzowl analyzed reports from marketers and found that 87% of the time last year, video worked and a marketing strategy using video content generated revenue.
Social media statistics
Social Media Today learned that the combination of video content and social media is effective for 93% of businesses. Therefore, let's look at the statistics on video in social networks in more detail.
Impact BnD did a study and got the following data on Instagram video ads: 75% of people are ready to go through the sales funnel after watching a video and 72% of them buy a product or service in the end.
3% go to the company profile to learn more or ignore ads altogether.
Social Media Today found that over 80% of people who use Twitter prefer to stay on the platform and watch videos. This is interesting, given that the platform was originally created for text messaging. 90% of these users watch videos through their smartphones.
Digital Media Solutions found that Pinterest people are almost 3 times more likely to buy after watching videos than after viewing infographics or images.
Demand for streaming services is on the rise, Digital Journal found.
for example, despite the volatility of income for the creators of YouTube channels themselves (for more details, read the article (“YouTube: How revenue can fall during the streaming boom”)
The platform has high sources of advertising revenue:
2020 - $19.7 billion.
2021 - $28.8 billion.
2022 - $29.24 billion.
According to Social Media Today, more than 1 billion people watch videos on the platform regularly, and provide an average of 15 billion views every day.
As the share of video consumption through mobile devices is growing, this cannot but affect the video marketing market as a whole.
One of the factors is that people like to share the videos they watch on mobile devices. According to statistics, more than 90% of users do this.
The Brand Gym found that despite this fact, it is still difficult for advertisers to interest this audience - the viewing rate of commercials is very low. If an ad is 15 seconds long, only 5.5 of those seconds will be viewed. And these 5.5 seconds is the time of mandatory viewing of ads, which cannot be missed under the terms of those sites that provide content on demand for free in exchange for viewing ads.
This is bad news? Only at first glance. Even if a person does not want to watch an advertisement, they will still remember it. Studies have shown that people remember videos 22% better when they watch them on mobile devices.
A few more facts that show that video in your marketing strategy is a good idea:
Wyzowl found that over 60% of users prefer to learn about a product or service through video. And only 18% will read the article. 4% will look at infographics. 3% will register for the webinar, and 2% will prefer live communication with a consultant.
According to Wyzowl, more than 80% of people expect videos from brands, while only 36% of them would like to watch educational videos.
Invideo estimated that last year people spent about two hours watching videos every day. And this is the minimum.
If you liked this article, do not forget to subscribe to our social networks. There's even more exciting news from the world of streaming and video: