Analysis article by Gurangad Malik (Managing Partner- Bigin Digital Solutions LLP)
He writes, the world of digital video continues to grow YoY and here at BIGin we continue to observe and proactively strategize, taking into consideration the various trends and technologies that are evolving within this flourishing market.
Article By Gurangad Malik (Managing Partner- Bigin Digital Solutions LLP)
The world of digital video continues to grow YoY and here at BIGin we continue to observe and proactively strategize, taking into consideration the various trends and technologies that are evolving within this flourishing market.
Predicting future trends is plausible, but predicting the future “to a t” is near impossible. Being one of the Partners of a digital agency, I consider it my duty to have a hawk-eyed view on all of today’s video trends.
Knowing that Gen-Z has adopted the mobile phone as their primary way to consume media only stresses the importance of optimising the way we as advertisers, deliver the media to them to establish a mutually beneficial relationship with our customers/consumers.
Creating good content for brands is just half the battle won. To stand out, brands need to story-tell in shorter fragments as it’s common knowledge that we’re living a bubble of ADD. Hence, over the next few years, we’ll continue to see brands invest in live, transient and localised content.
Let’s move on to the types of video content that will play a major part in the way we consume content in the years to come.
SUBSCRIPTION BASED SERVICES:
Subscription video on demand has grown in leaps and bounds over the last few years, leading to a sharp decline in the TRP’s of traditional television shows across the board.
Services like Netflix has been the frontrunner, garnering millions of subscriptions, but as the American and European markets reach saturation point, this growth is likely to slow down by a considerable amount. Other factors like stiff competition, will reduce Neflix’s stronghold over the coming years. While I throughly enjoy the content being produced, my only worry for companies like Netflix is that their spending will eventually catch up to them, potentially driving them to bankruptcy. I hope that isn’t the case.
Live streaming services are on the rise, garnering millions of view per stream. Research indicates that live streaming encourages more audience engagement and retains viewers longer that pre-recorded video. Monetisation of such services is easy, as a large number of ads can be displayed at intervals throughout the duration of a stream. The frequency of ads can be modified with ease in order to keep the user engaged, without it being a perceived as a nuisance.
SHOPPABLE VIDEO ADS:
Shoppable Video Content is on the rise and brands are testing ways to give users the ability to swipe-to-buy after viewing Instagram or Snap video Ads. More than 95% of consumers find videos helpful when making a purchasing decision. Displaying videos on an eCommerce product page increases the order value by at least 50%+.
360 DEGREE VIDEO:
360 degree video content enables viewers to control their perspective for a more immersive and interactive experience. It provides a layer of depth which is absent in static images. Most agencies use 360 degree video to cover events, enabling the audiences to experience a panoramic view of all proceedings.
VR/AR: (VIRTUAL REALITY / AUGMENTED REALITY)
Both VR AND AR provide experiences via 3D(three dimensional) HD(high definition) audio and video. The differentiating factor being the degree of “immersiveness”. VR has a far more immersive experience than AR as it puts the user into an isolated reality.
VR/AR is rapidly making its mark in sectors other than gaming ,i.e. education, marketing, business, healthcare and more.
The rapid advancements made in the hardware of devices in terms of raw processing power will complement the use of such technologies very well now and in the future.
Creating successful video content isn’t going to happen overnight. Top notch video content is the result of the right plan, a high level of consistency, persistence and a unquestioned commitment to strategy.
To summarise, video marketing has already conquered the spectrum of digital advertising. If one does not act fast, and waits to react to the dynamic digital space, you will get left behind rather quickly, with dated content and a sharply declining ROI.