Video content will reign supreme in the post-Covid digital wave: Deepak Oberoi
Guest Column: Deepak Oberoi, Director, Banyan Infomedia, expansion mode and open for partnerships and acquisitions
In the post-COVID scenario, as more and more businesses move online and workplaces become isolated, digital will be the way forward. The world is going to rely on the digital medium like never before. And the chief driver of this growth will be videos. Already, online digital consumption has jumped in the two months or so of lockdown.
Corporates were anyway turning to videos to get their message across. Statistics show videos are cited as the content with the best Return on Investment (ROI) by marketing professionals worldwide. Marketing professionals who use videos grow revenues 49% faster than non-video users. Smart, slick, brief videos are the need of the hour. The challenge before us is how to present brands and products through these videos that would make them viral. 64 % of consumers are said to make purchases after watching branded social videos. Thus, messaging through social media- Facebook, Instagram, YouTube, Twitter, LinkedIn- is slowly replacing traditional advertising. With smartphones increasingly finding their way into the hands of the youth, videos are becoming the preferred form of communication. Videos talk to the youth like no other medium.
Another area of growth is fictionalised videos. It is an interesting way of communicating the various features of government schemes through storytelling. Such videos also breach the literacy barrier. Unlike the printed word, these videos manage to convey the message to the unlettered in a more relatable manner. Increasingly, the government is making use of the medium to reach out to people and disseminate information.
India has amongst the highest per capita consumption of online video in the world. According to an Ernst & Young report, 325 million people viewed videos online in 2018, a growth of 25% over the previous year. Increasing smartphone usage and improving broadband connections are only going to spur digital video viewing, already one of the top digital activities globally. It is estimated that the average person will spend 100 minutes daily watching online videos in 2021. Mobile phones are a key channel for consumption- 78% of digital video viewers worldwide regularly use mobile to watch content.
As more and more advertisers jump on the digital bandwagon, competition is going to increase. So, there is a need for companies to understand consumers’ expectation in formulating digital marketing strategies. Since videos are longer than traditional advertisements, companies get to play with the extra duration. The increasing popularity of social media has also led to the phenomenon of live video. Though largely unexplored at present, live videos can start conversations and build a community around a brand. Over a third of digital marketers are using Facebook’s live streaming options. Instagram follows closely at the second position.
In 2018, digital media grew 42% to reach Rs 169 billion on the back of infrastructure growth. The rollout of fiber to the home and 5G services will improve connectivity here on outwards. This promises to further drive video consumption, particularly for longer-form content and sports, across cities and rural markets.
An interesting trend we see is Indians starting to pay for online content more than they used to. According to E&Y, the digital subscription market grew 262% to reach Rs 14.2 billion, the majority being video subscription. Paid video subscribers grew from around 7 million in 2017 to around 12-15 million in 2018.
So, whether it is advertising, customer support, information dissemination or public service messages, videos are emerging as the new favoured vehicles of effective communication. The visuals leave a better recall in the minds of audiences. And therein lies an immense opportunity in video content creation.
The Data First approach shall be critical in the current scenario and even otherwise to make the Video the top medium and the content more meaningful and measurable. The engagement can only increase and can be effective if it is targeted at the right time, towards the right targets and with the most relevant messaging (Content). This shall help improve the ROI.
According to the data by Zenith, published by marketing charts, the online video viewing and ad spend by marketers on inline videos is projected to be US$16 bn in 2021 as against US$45 bn in 2019. Interestingly, the ad spends on TV dropped from US$183 bn to US$180 bn.
As the number of minutes spent daily watching online videos increases, we, at Banyan Infomedia, have initiated talks with our associates in Thailand, Malaysia, Sri Lanka for expanding our footprint and carrying our specialization overseas. We are on an expansion mode and open for partnerships and acquisitions.
The Banyan Infomedia Team is a blend of youth and experience, best in the industry, having diverse experience in Media, Publishing, Broadcast & Film Production.
Deepak Oberoi, Director, Banyan Infomedia
Deepak Oberoi is the Director of Banyan Infomedia Pvt Ltd. He is a pioneer in devising marketing communication strategies for brands in all categories across geographies in India and the international markets. He is an ocean of knowledge and his forte has been creating successful brands ensuring engaging participation and retention while taking the business to new peaks. A seasoned professional with acumen in research, Deepak’s creative ideas and exemplary vision have helped various brands travel and reach deeper amidst the audience.
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