Businesses Still Aren't Prioritizing Video, Despite Consumer Preferences
More than half of consumers are likely to watch video, so where's the influx of branded video?
Marketers and consumers alike seem to be aligned in their preference for video content, according to a study released this week by video library management company Levels Beyond.
The study, which surveyed more than 1,000 U.S. consumers and more than 500 marketers, found that 59% of consumers are likely to watch branded video on a company website. Similarly, 71% of marketers agree that brands should be video content producers. However, 75% of marketers say that producing video is not a priority for their company, with 40% claiming their brand rarely uses video.
Conversely, video seems to hold the key to consumers' attention, especially millennials. According to the study, 51% of millennials prefer watching video to reading text with the same information. Forty percent of consumers in older age groups opt for video instead of text, and 42% of all consumers say they like when companies share video content online. Nearly two thirds of consumers (61%) sat that when their friends share branded video, they're more likely to watch the content. Yet, 47% of marketers do not plan to increase their video production this year.
"Video is becoming a medium of choice for a new generation of consumers, and while brands recognize the change and its impact, they haven't evolved their marketing strategies to reach video audiences," Levels Beyond's CEO Art Raymond said in a statement.