As you clearly see the pattern here, the increase in online video viewership displays how the audience prefers to learn and be entertained in the digital age. The popularity of online video, of course, leads to an increase in video ad spend as the businesses find the opportunity to target their potential customers. Last year companies spent $45 billion on online video ads and it is expected to reach $61 billion by 2021 as Zenith forecasts.
No need to say that online video consumption is perhaps the most popular activity on the internet globally. Advancement in mobile technology and the rise of 4G and 5G networks have made it possible for viewing videos to become a big part of online user experience. A study published on Statistica, shows that 232 million people in 2020 view online videos. As of January 2018 about 83% of Canadian internet users watch online video content on any device. The digital video penetration in the United States from 2013 to 2021 is 83.8%
Yes, video marketing and video content creation are the most effective way to advertise as recent reports show how big and small businesses are willing to spend more on online video ads and online video content. This is simply due to the popularity and easy consumption of video content. In future posts, we will discuss how the power of video marketing could change the narrative to your advantage and how it could potentially decrease your online ad expenditure for the best result.
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