Ads on television used to be a bane (but a necessary one) and yet it was something that viewers understood. TV ads existed for a reason. And then came online videos. Alas, freedom from ads! Of course, this is not entirely true as video-sharing sites like YouTube took advantage of banner ads across the bottom of videos.
According to a blog post from the Marketing Pilgrim, video advertisement viewing is now greater than video viewing itself. This has something to do with the fact that videos are increasingly becoming longer. In fact, some networks run full episodes of their TV shows online. The online viewing space is also a place where you can find documentaries, concerts and practically everything that’s on video. Given this evolution of our viewing habits, our tolerance for online video ads has also increased.
As an entrepreneur, how do you respond to this trend? Is it time to call your social media agency for a new Internet marketing campaign? Maybe it is.
Let’s look at some numbers.
The average number of ads for every long-form video increased from 3.1 in the first quarter of the year to 5.02 in the third quarter. Instead of viewers getting scared off by too many online ads, what we are seeing is an increasing number of viewers willing to interrupt their viewing with occasional ads. Long-form videos had an 82% completion rate while mid-form videos had a 70% completion rate. Meanwhile, short-form videos registered 56% completion rate. Online viewing (of long-form videos) is also starting to take the place of primetime TV with peak hours between 9pm to 11pm. Short videos tend to become popular in the late afternoon.
Before you have your social media agency channel all your budget and efforts to online ads, you also need to take into consideration the role that mobile devices are playing in this growing trend. For example, with an iPad, viewers can stream shows via apps that give you access to anything that’s on TV. With mobile gadgets, it is easier to watch videos any time of the day and anywhere your audience might be. So what this means is more video, more ad opportunities, and more chances to reach out to a potential customer, minus the high cost of a few advertising seconds on air.
With 2011 coming to a close, you and your social media agency need to start planning for the business year ahead. Make sure to include video ads on your priority list.