We know online video is hot, but just how hot? According to a new survey commissioned by video ad company YuMe, 49% of people are watching videos daily for an average total of seven hours per week per person.
Seven hours is a lot when you realize that 70% of what people are watching are short form videos under five minutes long. For long form, TV still reigns but the tide is shifting. The majority of the people surveyed said they appreciated the ability to watch web videos whenever they wanted. They also like the option of being able to catch up on shows they missed on TV.
What’s more telling is that viewers felt the quality of video on the web vs the TV was about the same, but that there was a much larger amount of exclusive content on the web.
Now here’s some marketing music for your ears. When asked if they skip commercials on previously recorded shows, “49% of respondents skip 75+% of ads on TV while only 29% of respondents skip 75+% of ads in online video.”
YuMe’s biggest takeaway is that the online video consumption is growing and quickly. More than 66% of viewers surveyed said they were watching more video than they did last year. The biggest increase is in women (70% over 30% of men) and the 35-54 age group (78% over 22% for 18-34). Those numbers prove that the rise in online video usage isn’t generational.
What the survey doesn’t take into account is the increase in available videos online. There are more viewers because there’s more to view. From homemade gems to entire studio libraries, educational videos to giant wastes of time and energy — videos can be found on at least half the websites we hit every day and every one of those videos is another chance to present your product.
Video advertising is a big leap for many businesses, but online video is only going to get more popular, so you might as well figure it out right now.