Newer is always better! Why not update your browser to experience the web how it is meant to be? Update my browser now
Video is massive. Like, really big. The B1M’s Co-Founder Tom Payne explains how he got into the online video industry and the growth he’s seen since then at The B1M and YouTube’s Constructing Content.
Hosted at Google’s London headquarters in January 2016, #ConstructContent looked at how video can engage and inspire construction industry audiences to promote change. Tom kicked-off the night with some mind-blowing stats about the growth of online video and its influence.
Learn more in our 4 Takeaways From #ConstructContent.
“If a picture paints a thousand words… a minute of video is worth 1.8 million”
He started with Facebook, explaining that there are now more daily video views on the social network than there are people on planet earth. 8 billion views every 24 hours to be precise.
If that’s making your head spin, consider that over 400 hours of content are uploaded to YouTube every minute. That’s nearly 17 days’ worth of video in the time it has taken you to read these first four paragraphs. If you wanted to watch all of today’s YouTube uploads it would take you 65 years.
The B1M’s Tom Payne presenting at Google London. Image courtesy of Su Butcher.
Tom continued to explain the growth of the online video market, citing Cisco’s Visual Networking Index which estimates that 80% of all internet traffic will be video by 2019. The way we consume content has shifted substantially with the rise of platforms like Netflix, Amazon and YouTube Red currently being trialled in the United States. We are no longer expected to plan our lives around scheduled television. We can watch WHAT we want, WHEN we want, WHERE we want to, and on a device that suits us.
Incredibly, three of the top five television programmes last year were original productions by Netflix streamed on their platform. The remaining two were productions by Amazon.
“More videos are viewed daily on Facebook than there are people on earth”
“It’s not just the content shifting. The money is shifting too” explains Tom. Digital advertising spends are expected to surpass television advertisement spending in the United States for the first time in 2016.
But brands need to tread carefully.
We’re all becoming immune to the noisy and commercialised world around us and video audiences are no different. Whilst branded channels for promoting products, how-to tutorials or corporate showcases of course have a place, their impact will always be somewhat limited.
The real power lies with the impartial vloggers and YouTubers that audiences connect, feel familiar with and most importantly, trust. The success of gamers like Pew Die Pie and beauty vloggers like Zoella is clear testament to this.
Tom explains that an astonishing 97% of beauty content on YouTube is user generated. Established brands such as Rimmel London and L’Oreal account for just 3% as audiences prefer recommendations and referrals from impartial creators that they count amongst their friends. Mindful of the shift, L’Oreal now partner with Zoella to conduct make-up reviews or tutorials as she offers a reach beyond what they can ever achieve with television advertising or glossy billboards.
The online video market offers huge potential for construction, but as it moves into this vast new space the lessons of what works and what doesn’t must be heeded.
We welcome you sharing our content to inspire others, but please be nice and play by our rules.
You'll need to be logged in to join in
Thanks! You’ll get a confirmation email from us shortly. These can sometimes go into your junk mail.