7 Interesting Video Marketing Statistics for 2023
Over the past 10 years video has gone from a luxury marketing tool to a must have arrow in any marketers bow. This isn’t some local fad, it’s global, and video consumption is only on the rise. According to recent research, in 2022 the total number of people downloading, watching and streaming video online hit an all time high of 3.37 billion people. This is expected to increase up to 3.48 billion people in 2023 and 3.65 billion people by 2025.
So it’s clear that video isn’t going away any time soon. Whether it’s an investment of time or money, video is still an expensive tool to use. This article will hopefully help you make our mind up about whether video is right for your next marketing campaign. Next in this article we’ll go through some of the most interesting, and potentially surprising facts about video marketing in 2023.
1) We all catch ourselves scrolling for that little bit too long through the social feed watching videos of funny cats and surf clips from a place we’ve never been to but how much video do people actually watch? A recent survey found that 93% of people who have access to the internet watch a video EVERY week online. Music videos and memes account for the lion share of this viewership 57% of people watching music videos every week and 37% of people watching memes every week.
2) This next statistic is a double whammy… Thank me later. A recent study showed that over 50% marketers see video as their single most important marketing asset, full stop. It may come as a shock that video is one of the single most underutilized tool on Facebook, Instagram & Twitter with video comprising just 14%, 11% and 5% respectively of the total type of content viewed on each platform.
3) Video consumption takes up a huge part of internet traffic accounting for 82% of internet traffic in 2022.
4) It may come as a surprise but many marketers still don’t use video as a part of their marketing campaigns. A recent study found that 16% of marketers simply don’t know where to start with video so don’t do it, 10% find it too expensive and 23% of marketers feel they just don’t have enough time.
5) So with the above points in mind, how expensive is too expensive? A recent study found that 40% of marketers are looking to spend less than £500 on a video with 97% of people looking to spend less than £10,000. Another study of over 1,000 marketing professionals found similar results with 14% of people looking to spend over £8,500 but only 35% of people looking to spend below £2,000.
6) With video obviously having cost and time prohibitions it’s interesting to consider how companies today are making films. Are they outsourcing or are they moving it all in house? A recent study found that 50% of marketing professionals were opting to create video in house instead of outsourcing with only 13% of marketing professionals opting to only outsource video. The rest sat somewhere in between.
7) As a final statistic we wanted to share whether video has a good return on investment (ROI) or whether it’s only for those who have the money to splash. The results of a recent study are pretty eye opening… 87% of marketers see increased traffic to their website when they use video, 82% see an increase in dwell time, and 86% of marketers have seen an increase in lead generation and sales from the use of video… not bad if you ask me.
So, these have been seven interesting video marketing statistics to help you decide if video is for you!
