Study: 1.4 Billion Video Minutes Watched
Video Consumption Skyrockets
Since 2019 video consumption rates have increase 121% according to Wistia’s 2022 State of Video Report. Much of this increase is attributed to the COVID-19 pandemic which closed many businesses and kept people at home more than before. With so much time spent inside it stands to reason more time would be spent with screens. Even with more businesses opening, including movie theatres, and restrictions lifting across the board allowing people to go out more video consumption rates increased by 20% in 2021.
“Consumer appetite for video continues to increase. In fact, creation of videos lasting 30 minutes or more increased 27% from 2020 to 2021. Brands are looking for different types of video to produce, from original, branded content, to product videos, and customer case studies. With data showing viewers consume and interact with different types of video in distinct ways, marketers have more tools than ever before to create video content that fits their brand’s specific needs,” said Dan Mills, VP of Marketing at Wistia.
Most Businesses To Increase Video
Breaking down the numbers a bit more, Wistia’s report found that video plays increased by 77% from 2020 to 2021. Time spent watching videos reached a peak of 1.4 billion minutes in March of 2021, however even after pandemic restrictions lifted in the spring of 2021 consumers continued to tune in. In July Wistia’s data shows people watched 1.1 billion minutes of video.
Researchers found that with more consumers tuning in to streaming video services, brands followed. More than half of brands responding to Wistia’s study said they would increase their video budget for 2022 by at least 5%; about one-third of brands say they will create a branded video series this year.
“With 74% of brands saying their biggest obstacle to creating more video content was simply lack of time, we anticipate marketing and video teams will continue to expand in 2022 so brands can keep experimenting with videos to reach their target audiences with engaging content,” said Mills.
More data from the 2022 State of Video Report can be accessed here.
