Stream­ing in 2022: Dig­i­tal video keeps on mov­ing

Maximilian

Video is the most important communication and information medium of our time, as recent global and geopolitical crises have shown. In the midst of a renewed home office craze, we take this opportunity to look at the status quo of the medium and use statistics to show where the journey might lead.

A real player never stands still

People who use video stay in the swing of things. At least, that's what one could surmise from the never-ending euphoria surrounding dance videos on portals like TikTok. As is often the case, however, the reason for the hype can be found elsewhere. If you look a little beyond the horizon of teenagers dancing and view the medium from a distance, it quickly becomes clear what the real reason for this new, seemingly unstoppable movement is: digital video players have finally arrived in society.

According to a survey conducted by Statista at the beginning of 2022 on the subject of video portal usage, more than three quarters (77.2%) of respondents said they had watched YouTube videos in the past four weeks. In addition, around 42% used Prime Video and 41% its direct competitor Netflix. In total, the respondents spent around 54 minutes per day on the aforementioned platforms and comparable paid and free services. If we now go a step further and look at the average use of the medium regardless of platform, this figure goes even higher. According to the Nielsen Report, users spend around 6 hours a day with video. A stark contrast to the 15 minutes of reading per day.

But even with this impressive data, the end of the line has not yet been reached. Other areas of use for digital video, such as live streams or video conferencing, are now an integral part of modern everyday life. While the market volume of the latter is expected to roughly double by 2027 despite its unbroken popularity, digital and hybrid events in particular are now managing to fill a large gap in corporate communications. A clear sign that the medium still has plenty of room for growth.

Video marketing going strong

This current trend in favor of video can also be seen in other factors. In 2019, the U.S. telecommunications company Cisco estimated that video streaming and downloads would account for 82% of global Internet traffic by 2022. By comparison, that figure was 72.3% in 2017. While it remains to be seen at this point to what extent this estimate actually hit the nail on the head, it is nevertheless considered a clear indicator of the ongoing positive development of asynchronous digital communication.

Many companies have long been aware of this change in the market. In a survey by Wyzowl, 86% of those in charge said they actively use video as a marketing tool. At the same time, 81% added that they were able to directly increase their sales as a result. The consumer perspective paints a similar picture: 96% of respondents said they had watched an explainer video to learn more about a product or service. 88% added that they had purchased products or services that were presented to them via video. The benefits are clear: users are able to consume content easily and without an entry barrier, regardless of time, place, and device.

So although the economy is adapting more and more to the new normality of the market, the medium itself must never stand still. However, many solutions still have a lot of catching up to do, especially in the area of asynchronous and pinpoint communication of knowledge. This is all the more surprising in view of the fact that numerous concepts already exist for improving existing video workflows. Interactive stories and content-based recommendations, for example, facilitate the structuring and targeted use of content and promote effective and personalized knowledge transfer. Complete data sovereignty also ensures that control over the playout of content lies solely with its creator. So if the leap into the new age of video-supported corporate communications is really going to work, it is advisable to use a professional solution that grows with the requirements of the market instead of ignoring them.

 

Sources and further information:

Survey on video portals by Statista
Survey on video use by Statista
Nielsen Audience Report August 2020
Statistics on telecommunications services by Statista
Statistics on average reading time by Statista
Cisco Website
State of Video Marketing 2022 by Wyzowl