To help companies capitalise on the sudden growth in video, JW surveyed 221 companies including publishers, broadcasters, online learning creators, and other producers of digital video content to understand their challenges and goals.
As streaming video and traditional TV consumption surged in 2020, people were watching up to 70% more hours of video per day than before the pandemic according to research from online video platform provider JW Player.
The company surveyed 221 companies including publishers, broadcasters, online learning creators, and other producers of digital video content to understand their challenges and goals. The study highlighted four key findings: increasing video engagement is the key media challenge across all industries; digital publishers view increasing video ad revenue as their key goal for 2021; new digital native broadcasters are looking to reach new audiences on new screens; every company is a video company.
It said that digital publishers, broadcasters, and new media are all looking for ways to increase their video engagement. With more digital media consumers online (especially since the pandemic), increasing engagement has become essential. For most publishers, broadcasters, and new media, that means increasing the average viewing time per session.
Broadcasters were found to be working to reach new audiences wherever they may be. Reaching audiences on new screens with unique programming allows them to grow engagement, subscription revenue and experiment with selling high demand connected TV ad inventory.
Video consumption has dramatically increased since the onset of the pandemic. With more publishers producing video than ever before, brands are taking advantage of the increased consumption to now focus on increasing advertiser demand. More views and more audience engagement have revealed the potential for new ad revenue.
The study revealed that half of all respondents across industries said increasing video engagement is their top challenge. For TV and film sites, 76% saw engagement as their top priority and 54% of broadcasters were looking to reach audiences on new screens, especially connected TV and OTT apps.
Video categories that saw the most growth in time watched last year were medical health (52%), food & drink (29%), hobbies & interests (19%), pets (21%), and style & fashion (19%). Surprisingly said JW Player in the report, things like reality TV/celebrities saw a decline, indicating it said a strong trend for self-care versus caring about others.
Producing/acquiring more video content was indicated as a top challenge by a third of broadcasters, and a quarter indicated more compelling live video experiences as their key priority. Just over two-fifths regarded exploring SVOD and/or PPV as the key.
Concluding, JW Player said that with the paradigm shift in video usage, it’s more important than ever for publishers new and existing to connect, engage, and monetise their audience. The opportunities match the challenges, and with the right tools, companies are just beginning to realise the power of video in this new world.