Reports from comScore reveal that online advertising will grow this year, with marketing budgets poised to increase. It seems a lot of these funds could go toward video ads, and savvy marketers should take note.
A report from PricewaterhouseCoopers [http://www.pwc.com/gx/en/global-entertainment-media-outlook/index.jhtml] reveals that online ad spend will increase by more than $10 billion in the next four years, and budgets for interactive media – including online video ads – will reach $6.6 billion by 2014.
There soon may be job opportunities across a number of industries for video marketers. In GlobalSpec’s survey of manufacturing firms, 68 percent said they would be increasing online video ad spend this year. Similarly, law firms are set to boost their budgets for video content – one legal marketing expert suggests YouTube client testimonials are proving a top way for lawyers to win clients.
Other industries will likely follow suit as consumers are increasingly watching videos online. Data from the comScore Video Metrix service shows that more than 183 million U.S. internet users watched nearly 34 billion online videos in May. YouTube achieved an all-time high that month, with 14.6 billion videos viewed on the site.
Indeed, Google – owner of YouTube – had the largest share of videos viewed on its properties, accounting for 43.1 percent of the online video-watching market. The average viewer watched more than 100 videos on Google sites. Hulu, Microsoft sites, Vevo and Yahoo sites also performed well with respect to video views.
Perhaps the best part is that most of these online viewers are open to video ads on the internet. While content providers are looking to monetize online video, Magid Media Features 2010: Online Video data shows that nearly half viewers find ads in online videos as acceptable as ads for regular television. Moreover, 7 percent of viewers are more open to ads in online video than on TV.
The moral of the story is that marketers must be prepared to move into this rising platform. Those trying to show off their video smarts may be interested in data from TubeMogul that shows 30 seconds to 90 seconds are optimal lengths for branded videos.