Video: The New Normal

Publishers are in transition. Dwindling print revenue means developing your digital publications to get new revenue streams. Video is the new normal, and audiences are drawn to it. Quick, visual, user friendly – video is easy to watch and easy to share.

  • In the US, online video consumption has grown 30% year on year to Q4 2012
  • The online video audience in the UK grew 8% during 2012, with the audience for video viewing on mobile growing 262%. (ComScore, UK Digital Future in Focus, 2013 p.3)

Whether it is for entertainment, education or research, it is clear that video has become our content of choice, particularly on mobile devices. Video consumption on mobile phones has grown faster than PC video or tablet video in the last year, and 41 million people in the U.S. already watch video on their phones. They do so for many of the same reasons they play games or listen to music; to relieve boredom or fill time.  We consume videos like quick snacks; 60% of sessions are under 10 minutes in length according to Ooyala, a global digital video streaming platform. 

But providing enough video snacks for hungry audiences is hard work for publishers - making the switch from print to digital is a very tough journey. The industry’s skills, creative energy and production methods are going through radical changes in order to create the quantity and quality of video content that audiences demand.

Decades of work based on the plain and simple written word are being overthrown, usurped by the rush for dynamic, rich media content centered around video. This shift in content creation has been challenging – it’s meant navigating new roles, new processes and new technologies and skills; but the rewards of getting it right are high.

Publishers that have successfully made the leap into video production are being rewarded by large online audiences.  Advertisers are happy to follow the people wherever they are, meaning new income streams for the publishers able to give audiences what they want.

Advertisers don’t just want to advertise alongside great video content, they are increasing spending on their own video content to fit the new digital publishing landscape.

UK Digital Publisher Advertising Revenue Growth*

Q1 2013 vs. Q1 2012

AOP & Deloitte DPRI Report, May 2013

 

Advertising Format

 

% Change

 

Total

 

16.2%

 

Video

 

56.4%

 

Display

 

13.7%

 

Sponsorship

 

12.3%

 

Recruitment

 

11.0%

 

Other Classified

 

3.1%

 

*Industry average derived from actual revenue data supplied by 27 AOP publisher members.

However in a landscape where video is the new normal, many of the old publishing rules still apply.

New media requires all the skills of old school journalism –the ability to spot a newsworthy topic, conduct research, do interviews and write concise prose, alongside all the new digital skills. Audiences still want high quality, they still want answers to their questions, they still want to be entertained. They’re still looking for content that digs deep into the subjects that interest them, and that teaches them something new.

It’s the pace and the format of the content that has changed – not the heart of the message.

Sources:

http://www.businessinsider.com/why-people-watch-video-on-smartphones-2013-4#ixzz2WUJxpmN5

http://www.ukaop.org.uk/news/digitaladvertisingrevenue4139.html#2f4MGC42wAWblJD0.99

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