How Video Consumption is Changing in 2021 [New Research]
By Adam Noyes
Video consumption is at an all time high. Video is being produced and viewed at all levels. Not only this, but research shows that video is being consumed in more ways than ever before as well.
Check out some highlights from this article by Pamela Bump, on how video consumption is changing in 2021.
How Video Consumption is Changing in 2021
1. Consumers are beginning to rely on marketing videos from brands.
In the past, consumers would visit websites, look at online reviews, watch commercials, and maybe search out a few YouTube videos to learn about a product. Now, with video being accessible on every major social media network, they are learning to rely more heavily on this type of content in their research phase.
While brands are seeing higher engagement than ever from video marketing, consumers increasingly expect to see this type of content from brands. Even back in 2018, a whopping 87% of consumers said they wanted to see more video from brands in the next year.
In 2020, it’s likely that the expectation of brands to provide marketing videos has gotten even stronger. Each day, consumers use product demos, video reviews, and unboxings to learn about products before they buy them.
What do increasing video content expectations mean for you as a marketer? Well, if a prospect is interested in a product or service in your industry, looks for video reviews or tutorials, and can’t find any related to your brand’s offering, they might buy a product from another brand.
Why? Videos give consumers the opportunity to see how a product or service works in real life, discover any flaws before purchasing the item, and identify perks that they might not learn about in the text-based description. This content might also appear to be more authentic than a heavily edited product shot, which can boost a consumer’s trust in a brand or offering.
2. Half of Gen Z and Millennials “don’t know how they’d get through life without video.”
To some, this isn’t that much of a shock. Each new generation has watched more online video than the last. However, when it comes to those under the age of 34, videos have more of an impact on daily life than ever before. In YouTube’s survey, 50% of people in both generations said they “couldn’t live” without video in their daily lives.
Aside from using video for entertainment, both millennials and Gen Z prefer to watch videos for information gathering purposes. Even when it comes to learning about a new brand or product, these age groups prefer video explainers, product demos, or other marketing videos to simply reading about a company online.
With millennials nearing 40 and Gen Z beginning to gain full purchasing power, there’s a good chance that these two age groups will take up a major portion of your audience soon if they aren’t already.
At this point, marketers aiming to attract these two generations should consider testing out video strategies on social media or their own websites. While these age groups might regularly use video for entertainment purposes, it’s also likely that they’ll use it to learn more about products or brands worth investing in. If there’s a great video recommendation or tutorial out there for a product they’re interested in, they might find it, watch it, and use that content to confirm that this purchase is right for them.
3. Video consumers want to relax — or escape — from daily life.
In the past, older generations might have turned on their favorite TV sitcom or gone to the movies to escape from the stresses of daily life. While the platforms have changed as younger consumers take over the video market, the instinctive need for relaxing or entertaining content hasn’t.
When asked to rank the reasons why consumers watch video content, YouTube survey participants said they primarily watch videos in order to, “relax and unwind.” Additionally, the fourth most common reason that people watch videos is that the content makes them laugh. Additionally, people cited, “Makes me forget about the world around me,” as the seventh most common reason for watching videos.