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BizReport : Social Marketing : April 18, 2011

Virtual currency drawing in more viewers

Virtual currency isn't just for gamers any longer. New data from Jun Group indicates that video viewers are also interested in virtual currency. According to their report on incentivized social video, virtual currency is pushing consumers to watch more video content in the social space.

by Kristina Knight

Incentivized social video is basically a trade - the consumer agrees to watch a video in exchange for virtual currency. It is the same premise which is used in online and social gaming - people play in exchange for virtual goods or currency. More than 200 million social networks are playing games on Facebook, according to the social giant; most play daily and most will play or click for virtual goods/currency.

"We're big believers in this type of social interaction," said Fernando Arriola, Senior Director of Media for ConAgra Foods. The food brand's Slim Jim social video campaign logged 287,000 views. "It's a non-interruptive way to connect with consumers and meet them on their terms."

Mitchell Reichgut, Founder and CEO of Jun Group, which allows gamers to watch videos for virtual currency/goods, said, "[The] results are stunning - 90% of viewers complete their videos and between 3-5% go on to share, tweet, comment, rate or 'Like' them. It's unlike any other kind of video."

Google/YouTube continues to be the big hitter with online video according to new data from comScore. The research hub found that, in March, more than 174 million US consumers tuned in to online video, with the majority (143 million unique, 275 minutes per viewer) spending time on Google/YouTube. AOL logged 57 million unique and 39 minutes per viewer while Yahoo sites logged 56.3 million unique and 42 minutes per viewer.

Facebook ranked sixth with 48.7 million unique spending 73 minutes each with online video. However, if these viewers are completing and sharing more video content than sites like Google, there is still strength in the number.

Tags: Jun Group, social marketing, social networks, social video, video ads, video advertising, video content, virtual currency

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