Digital video has become a staple in our lives. Research shows that the average person consumes at least 24 minutes of digital video a day — the duration has more than doubled from two years ago, according to Boston Consulting Group (BCG). Consumers watch product videos, follow YouTube influencers, binge-watch their favourite TV shows on their smartphones — the options are endless.
In India, 75% of internet users rely heavily on short video formats that are powered by apps like Bigo, Like and TikTok, according to CIO. Connected TV is also popular. By 2021, an estimated 59% of people will watch TV online using a smart device, according to eMarketer.
As consumers curl up and watch the latest episode of Inside Edge or Sacred Games on their phones, businesses are looking for ways to capitalise on this growing trend.
The increasing demand for online videos will spark innovation in the coming year. Here are the top innovations to watch out for in 2020.
Search and analysis
One of the biggest challenges that businesses face is the lack of video analytics, especially for ads. When a company creates a video ad, naturally, they want to know how customers respond to it. However, analytics are few in number and vary by platform.
There are no standard measurements, nor standard definitions of the analytics that are available. A ‘view’, for example, could be the number of customers who click on a video ad, or it could be the number of customers who click on an ad and watch it in its entirety. Between the lack of standard measurements and the lack of comprehensive tools that measure a video’s success, there’s much room for innovation in this sector.
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Search engines like Google use ever-changing algorithms to match a person’s search terms with websites. Finding written content is simple; finding video content is much harder. Several companies are using AI to transcribe videos and match keywords from the video to search terms. The concept is still in its infancy, but searchable video tools could present exciting investment opportunities in the future.
With more consumers watching a video, a growing number of marketers are trying to tap into individualised delivery. Rather than calling or e-mailing a customer, marketers are trying to send tailored videos. Imagine if a company could send a follow-up video after a customer requested a quote or say ‘thank you’ after a purchase is made.
Personalised campaigns already drive consumers. E-mails that include a customer’s first name or a website that offers product recommendations based on a customer’s preferences have become standard. As a result, one expects personalised video platforms or tools to hit the market soon.
Then also consider this: Facebook Live, launched in 2016, was one of the first platforms to allow users to broadcast live to their audience. Two years later, 3.5 billion live broadcasts were aired on the channel. Facebook enables users to stream video quickly within its platform, and consumers are hungry for similar options.
Innovations that give consumers the ability to broadcast live video will likely arrive soon. Also, video platforms that offer features like 360-degree viewing and square aspect ratios that are made for smart devices, rather than large TV screens, will excel. Consumers will continue to migrate from large, tethered TVs, and computers to favoured Wi-Fi-enabled mobile devices. As a result, video consumption will soar, and innovators will look for ways to leverage the video industry by creating new tools, platforms and resources.
The author is head of marketing, CleverTap
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Source: Financial Express