Why Video: Video Marketing Statistics, 2024
Earlier this year, Wistia, a video marketing platform, published their annual State of Video Report, a must-read for all video marketing professionals.
Here are some of the main points we gleaned from their study, plus some extra statistics to help you understand the power of video.
Video Performance Statistics:
People are watching more video content than ever. Between 2022 and 2023, video plays on Wistia jumped by 15% and watch time jumped by 44%. On other video hosting sites like YouTube, viewers spend an average of 48 minutes daily.
Longer videos get the most clicks per page visit, with a play rate of 58%. This is because longer videos tend to exist on highly specialized pages with fewer visitors. However, shorter videos have the highest engagement rate, or the highest percentage viewed. Videos shorter than 5 minutes have an engagement rate of nearly 50%.
You should know:
The average American watches 17 hours of video per week.
Video accounts for over 80% of web traffic.
62% of consumers have watched video content while researching a product.
The bottom line: Video is in high demand by consumers.
Video Strategy Statistics:
An overwhelming majority (93%) of businesses consider video an important aspect of their marketing strategy. Their primary goals are to generate leads and sales and to educate consumers about their products.
Businesses plan to create more videos than last year, as 78% set goals to increase their video production in 2024. In 2023, 36% of businesses created videos monthly, while 29% put out video content on a weekly basis.
You should know:
83% of marketers say video helps generate leads
Short-form video offers the highest return on investment (ROI).
The bottom line: Marketers love video content.
Video Creation Statistics
In 2023, small businesses (1–50 employees) created 15 videos on average, medium businesses (50–200 employees) created 84 videos on average, and large businesses (200+ employees) created 118 videos on average.
In terms of production, the most popular videos in 2023 were product videos, educational or instructional videos, and webinars or live events. For this year, customer testimonials experienced the biggest boost in popularity, with 26% of businesses including them in their plans for 2024.
Lastly, artificial intelligence has taken the video industry by storm, with 62% of marketers stating that generative AI is important to their marketing strategy. Read our blog about post-production and AI to learn how you can implement AI in the editing suite.
You should know:
90% of businesses use video marketing.
Content marketing is expected to grow into a $600 billion industry in 2024.
The bottom line: Everyone can use video.
Video Distribution Statistics
In the social media age, one of the advantages of video is that it can easily be distributed on numerous channels. While companies primarily create videos for use on their website (67%) and in emails (49%), Forbes reports that 77% of businesses have a social media strategy.
Most companies who utilize social media are active on multiple platforms. In order of popularity, companies post their videos to LinkedIn (43%), YouTube (40%), Instagram (22%), Facebook (19%), TikTok (7%), and X (formerly known as Twitter––4%).
Although 1920 x 1080 is the most common video resolution, 1080 x 1920 (vertical HD) has seen a 61% jump in popularity as companies seek to optimize their content for mobile users. There has also been a 15% increase in videos uploaded in 4K.
You should know:
Facebook and Instagram are tied for social media platforms with the highest ROI.
YouTube is the second largest search engine, with over 2.5 billion monthly users watching more than 1 billion hours of video a day.
69% of consumers prefer to watch video content on their smartphone.
The bottom line: Social media and video are a perfect match.
Given the data, the consensus is clear: video is a key component to any company’s marketing strategy. Video content can help with many initiatives, from generating leads to increasing engagement. However, as market trends and consumer habits evolve, it is critical to take a well-informed approach.
Not sure where to start, or is your current video content not working? Contact us for a free consultation on corporate video production, marketing video production, commercial video production, or any video production need you may have.
Our Chicago video production house has helped Fortune 500 companies drive business results for over 30 years, and we’d love to help you too.
Production Craft, Inc. is a video production company based in Chicago, serving markets worldwide.
We are proud to be a Women Business Enterprise (WBE) certified by the State of Illinois Business Enterprise Program (BEP) and the National Women Business Owners Corporation (NWBOC).
