Online videos offer a new channel for companies
A recent report from Frost and Sullivan has identified the substantial growth that has occurred in the online video market over the last few years, with companies increasingly investing in this communication avenue. The report estimated the market for online videos would reach $780 million in Australia by 2019, creating significant opportunity for companies looking to…
A recent report from Frost and Sullivan has identified the substantial growth that has occurred in the online video market over the last few years, with companies increasingly investing in this communication avenue.
The report estimated the market for online videos would reach $780 million in Australia by 2019, creating significant opportunity for companies looking to capitalise on the shift towards highly visual content. This forecast stands in stark contrast with the $198 million spent on this medium in 2014.
Frost and Sullivan went on to predict that the market for online videos will have fully matured by 2019, with growth rates falling into line with other online media channels within Australia.
The report also highlighted the popularity of this medium from an advertising perspective. Frost and Sullivan found the amount spent on advertising to accompany online video content grew by 60 per cent in the 12 months to June 2014.
Not only is this a considerable increase in itself, it is a higher growth rate than in previous years, exceeding the 55 per cent recorded in 2013. With online video content growing so rapidly in recent months, this medium is going to be an increasingly important channel for companies to understand.
Phil Harpur, senior research manager at Frost & Sullivan’s Australia and New Zealand ICT Practice, emphasised the change this represents for public relations and communications in the country.
“Online video content is now a core part of the strategy of many online publishers from both a content and advertising perspective,” Mr Harpur stated.
“Viewing patterns are being aided by improving data allowances from internet service providers, and a greater range of content availability.”
With users also turning to multi-screening – consuming multiple media sources at once – the importance of a multi-channel approach which includes online video is only going to increase for businesses.
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