The Power Of Video Marketing In 2024: Video Marketing Stats

Video marketing continues to be a driving force in digital marketing strategies. As we delve into 2024, it’s clear that businesses are increasingly leveraging video content to enhance their marketing efforts. Here’s a detailed look at the current trends, statistics, and insights into the world of video marketing.

Usage and Popularity Of Video Marketing

Video marketing has firmly established itself as a critical tool for businesses. A staggering 91% of businesses use video as a marketing tool, maintaining an all-time high since this data was first tracked in 2016. YouTube remains the most popular platform for video marketing, used by 90% of marketers, followed by Facebook (86%) and Instagram (79%)​ (WebFX)​​ (Popupsmart)​. Interestingly, TikTok is expected to surpass Facebook as the most popular social media platform for video marketing in 2024. (WebFX)​.

Consumer Engagement

Video content dominates global internet traffic, with 82% of global internet traffic coming from video streaming and downloads​ (DemandSage)​. Moreover, 80% of people prefer watching videos over reading text, highlighting the shift towards visual content​ (DemandSage)​. Short-form videos are particularly captivating, with 66% of consumers finding short-form videos the most engaging, with a high watch rate of over 81%​ (DemandSage)​.

Types of Video Created

The types of videos created vary widely. Live-action video is the most commonly created type, with 48% of video marketers predominantly creating live-action videos. This is followed by animated video (24%) and screen-recorded (22%). 

What Are Videos Being used For? 

Videos are being used for a wide and evenly spread number of different purposes. In 2024, 39% of video marketers have created video testimonials, making this the most popular singular use case for video marketing. This is followed by:

  • ➢ Explainer videos: 38%
  • ➢ Presentation videos: 34%
  • ➢ Social media videos: 34%
  • ➢ Product demos: 32%
  • ➢ Video ads: 30%
  • ➢ Sales videos: 30%
  • ➢ Teaser videos: 30%
  • ➢ Customer service videos: 28%
  • ➢ Videographics: 25%
  • ➢ Employee onboarding: 25%
  • ➢ Training videos: 22%
  • ➢ Customer onboarding: 22%
  • ➢ App demos: 22%

How Do Business Create Videos For Marketing?

In terms of production, 38% of video marketers create their content in-house (down from 60% in 2023), while 24% exclusively use external vendors (up from 11% in 2023). A combined approach, utilizing both in-house and external teams, is employed by 38% of video marketers (up from 29% in 2023).

This data shows the wide range of video types marketers are using to achieve different goals, from education and training to promotion and customer engagement.


Source: https://www.wyzowl.com/video-marketing-statistics/

Effectiveness by Platform

Different platforms show varying levels of effectiveness for video marketing. LinkedIn videos, for example, are shared 20 times more frequently than other types of posts​ (Lemonlight)​​ (WebFX)​. Tweets with videos receive 10 times more engagement than those without​ (Lemonlight)​. While these platforms are effective, YouTube remains the most widely used platform with 90% of video marketers trusting it (DemandSage).

The MOST EFFECTIVE video marketing platforms

YouTube remains the most successful video marketing platform for marketers, with 78% reporting it to be effective.

 

This is followed by Facebook video (71%) Instagram video (64%) webinars (61%) interactive video (60%) and Twitter/X video (60%).

The LEAST EFFECTIVE video marketing platforms

Virtual reality (49%), 360 video (51%) and TikTok (52%) are reported as the least effective platforms for video marketing.

 

TikTok is a particular surprise here, but perhaps this reflects an ongoing struggle for B2B brands to find the right audience – and voice – on this heavily B2C platform.


Source: https://www.wyzowl.com/video-marketing-statistics/

Impact on Marketing Metrics

The impact of video marketing on key metrics is significant:

  • ➢ 90% of marketers report a positive ROI from video marketing.
  • ➢ 86% of marketers say video content has increased their website traffic.
  • ➢ 87% report it has helped generate leads and increase sales.
  • ➢ Brands using video see conversion rates improve by 34% and revenue grow 49% faster than those not using video.

Financial Investment

Businesses are putting significant budgets towards video marketing efforts:

  • ➢ 60% of businesses allocate between 11-50% of their marketing budget to video.
  • ➢ 85% of marketers plan to maintain or increase their video marketing budget in 2024.
  • ➢ 69% of marketers have spent money on video ads, while the remaining 31% have relied on organic reach.
  • ➢ 49% of marketers feel the costs of video marketing are on the rise, 29% say it’s getting cheaper, and 21% believe the costs are staying pretty much the same.

Video Length and Format

The effectiveness of video content depends on its length and format. The most effective video length is 30-60 seconds, preferred by 39% of marketers. Shorter videos under 30 seconds are also highly effective​ (Wyzowl)​​ (Popupsmart)​.

The AI effect

AI tools are becoming a big part of video marketing, with 75% of video marketers using them to create or edit their videos. While many businesses are embracing AI for various use cases, 14% do not use or plan to use AI tools for video production. 

Source: https://www.wyzowl.com/video-marketing-statistics/

ROI & Success Metrics

  • ➢90% of marketers say video marketing has given them a good ROI.
  • ➢60% of video marketers quantify ROI through video engagement such as likes, shares and reposts. 
  • ➢42% of video marketers quantify ROI through customer engagement and retention. 
  • ➢40% of video marketers quantify ROI through video views. 
  • ➢39% of video marketers quantify ROI through brand awareness/PR. 
  • ➢32% of video marketers quantify ROI through bottom line sales. 
  • ➢28% of video marketers quantify ROI through leads/clicks.
  • ➢Most marketers report success with short-form videos. 30-60 seconds is the most effective length according to 39% of marketers, followed by 1-2 minutes (28%), 30 seconds or less (18%), 2-3 minutes (10%) and 3 minutes or more (just 5%.)
  • ➢88% of video marketers say video has helped them increase user understanding of their product or service.
  • ➢90% of video marketers say video has helped them increase brand awareness.
  • ➢86% of video marketers say video has helped them increase web traffic.
  • ➢87% of video marketers say video has helped them generate leads.
  • ➢87% of video marketers say video has directly increased sales.
  • ➢82% of video marketers say video has helped keep visitors on their website longer (aka dwell time).
  • ➢66% of video marketers say video has helped them reduce support queries (an all-time high, and an increase of 13% from last year.)

Source: https://www.wyzowl.com/video-marketing-statistics/

Customer Preferences

  • Consumers show a strong preference for video content:

    • ➢91% of people have watched an explainer video to learn more about a product or service.
    • ➢82% have been convinced to buy a product or service by watching a video.
    • ➢89% want to see more videos from brands in 2024.
    • ➢87% of consumers say video quality impacts their trust in a brand.
    • ➢Only 3% of marketers shared that they don’t like watching brand video content at all.
    • ➢58% of consumers say they prefer to watch video content on a smartphone, with laptops coming in second at 19%.
    • ➢The top two traits consumers report as important for an engaging video are clear messaging/storyline and authenticity.

    Source: https://www.lemonlight.com/blog/67-video-marketing-stats-you-need-to-know/

    Source: https://www.wyzowl.com/video-marketing-statistics


By Anthony Madani

Anthony is the Director at UpMedia Video, and an expert at Video Marketing, with a rapidly growing business. He’s spent over 18 years in media production, from award winning television shows (on Netflix and HBO), to producing ads for large corporations such as Toyota, Flight Center, and Canada Life.

One person drawing on a whiteboard, educating another person.

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