For a very long time, the traditional form of online advertising came in banners or images placed on websites. In the last few years, one could argue that advertising, and more importantly marketing, has become more direct through the use of social media like Facebook and Twitter. Traditional online ads and consumer engagement through social media will continue to be important tools for agencies and businesses online, but another part of online advertising, video ads, are surging. You might want to consider adding them to your online advertising repertoire.
Video Ads On the Rise
Anyone who has spent some time on YouTube has undoubtedly seen a video ad before they watched a funny cat video or Gangnam Style (really, that video is just shy of 1.25 billion views). It appears that those video ads on YouTube and other online videos have been growing immensely.
According to Alexei Oreskovic at Reuters, online video ads “are gaining importance to marketers and web publishers as they look to capitalize on consumers’ changing viewing habits and tap a $70 billion television market.” With many developed nations sporting broadband much faster than the US, and a slow and gradual improvement in US service hopefully sped up by the FCC recently, video has already become more prevalent on the web.
Consumers also have an “ever-expanding array of gadgets” which they can use to browse the web and watch videos. People are watching TV less and less, and that trend will likely continue. Some recent statistics might surprise those in the industry. Alexei reports that according to eMarketer, “video is the fastest growing form of online advertising.” It grew 46 percent from last year and the top 100 advertisers on YouTube have increased their spending by over 50 percent in the last year.
It looks like video ads have finally come into their own. Some companies are creating content and online video spots specifically for online audiences; they aren’t re-using the same material from TV ads. Online platforms are paying attention too. Twitter recently released Vine, which allows for anyone to share six seconds of video to the world. There are plenty of businesses taking advantage of it already.
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Yahoo has plans to focus on providing more video content. Additionally, ITvoiir writes that “rumor has it that social networking giant Facebook is developing a video ad service.” They also released an update to their smartphone app which Megan Rose Dickey for Business Insider tells us has “in-app video recording and sharing, as well as voice messages.” It seems Facebook as well is gearing up for the coming growth in video, too.
Pay Attention to Video
I have little doubt that video ads are going to become one of, if not the primary and most effective, advertising methods. TV ads have always been more enjoyable for people than static print or banner ads online. Heck, some people watch the Super Bowl just for the ads! Video ads provide a lot of opportunity for a brand to tell its story, promote a product with more detail, and still encourage site visits.
Consider adding video ads to your strategy. As sales grow, the price will come down. If they aren’t affordable for the size of your business right now, wait for a while. Video just might be the future of online advertising.
Do you think video will surpass other forms of online advertising?