Video Explodes Early in 2008
Video is arguably the most engaging medium for marketers to use. The combination of moving images, text, and music hold a viewer’s attention and aid in recall of the advertised product or service. Despite the extreme growth of online marketing, traditional television advertising continues to draw enormous marketing budgets from top advertisers. However, the power of video, technology advancements and metrics provided by interactive media have set the stage for the explosion of online video currently in effect.
The Big Bang of online video started with the acquisition of YouTube by Google and since then a large number of video oriented websites have appeared on the scene. Some of these new players include:
- Twango.com - Primarily for sharing video and photos
- Fancast.com - A site for facilitating the consumption of popular movies and televisions shows.
- TheTrailerMash.com - This site collects re-cut movie trailers, hilarious.
- Funnyordie.com - When you need a good laugh, go here, nothing more to say.
- TheOnion.com - an alternative news website with a comedic twist that is heavy on video content
- Joost.com - A new model for consuming all forms of video content.
The meteoric rise of online video was validated by a recent visit to the AdTech conference (a trade-show for the interactive industry). Startup companies focusing solely on a new online video based product were spread throughout the show, practically on every corner. Many other companies that have been around for awhile have added new products and services around online video. It appears that marketers are clamoring for the best way to deliver video and track the performance across the marketplace. The Interactive Advertising Bureau has recently responded to this demand by releasing new standards for utilizing online video for more efficient and effective marketing.
There is no doubt that interactive video is poised to dominate the future of video consumption. A recent survey conducted by SurveyU found that on a typical day, 19% of internet-connected adults download video and 62% of college students do the same. The older generation is getting used to consuming video online in addition to tv and the younger generations are growing up with the Internet as their primary source for video entertainment. At my company, demand for producing interactive video is soaring. Even a recent personal video experience surprised me. I stumbled across a video of an old band I use to play in over fifteen years ago on YouTube. I was amazed and surprised and realized that one day, people will probably have their whole lives documented online, a scary thought but highly likely, at least to a certain degree. In the meantime, I strongly recommend becoming familiar with how video can be put to use for your business. It’s powerful, it’s growing and your competitors are sure to take advantage of the medium if they are not already.