We’re all on Facebook these days, and we enjoy posting about our lives and viewing posts from our friends and family. In a few years, though, Facebook could be a little different. For the past couple of years, Mark Zuckerberg, Facebook CEO, has been talking about Facebook’s change to more and more videos.
Zuckerberg started talking about this way back in 2014. He mentioned that Facebook’s challenges were in preparing the social network for more video formats on people’s newsfeeds. He stated, “In five years, most of Facebook will be video.” By the end of last year, his words were proven correct, as more than 500 million users are now watching videos on Facebook every single day, with 8 billion videos seen every 24 hours. This is up from 4 billion, which was only a year earlier.
It’s obvious that videos are more and more popular. But, how popular will they get? Will videos really surpass text in a few years?
These four stats prove that yes, they will.
1. Consumption rates.
In 2015, the amount of videos that users posted daily on Facebook increased globally by 75%. In the United States, that increase was even higher–94%. This quick increase was something that has been building up for years, and we didn’t even notice. Hootsuite confirms that the amount of videos that have been shared on the main news feed on Facebook has grown 3.6 times since 2014.
Knowing all of this, and knowing that such an escalation has occurred within the past two years, it’s really no surprise that 50% of Facebook users in the United States now watch at least one video every single day.
In the past couple of years, tools for high-quality mobile videos have become available to anyone, and mobile viewing has increased to 65% for all Facebook video views overall. Mobile views are a huge contribution to Facebook’s increased video production and consumption.
2. New formats
Facebook has expanded into some new video formats, and that has also played a large part in the increase of videos.
Zuckerberg’s love for virtual reality, which is shown a lot through the acquisition of Oculus, is supposed to pay dividends when their first home VR devices are given to the market. It has been noted that VR users have already watched over one million hours of video through Samsung VR gear. This kind of technology is going to be users in Facebook’s video efforts, and is only going to increase as Facebook’s social VR team focuses more and more on using Oculus technology on Facebook’s platform.
Facebook Live is a live-streaming option. It is still somewhat new, and it allows people to watch and react to live videos. It has been set up to bring in a large amount of revenue for the company. Data from Facebook shows that viewers have been spending three times longer watching live videos than they do spending time watching pre-recorded content. This increase has pushed Facebook to emphasise the Live option by adding some great new features to the Live mobile app. These features make Live videos more likely to show up on the main news feeds of Facebook users.
It’s clear that Facebook is committed to new video formats, and users have gotten used to these new options.
3. Trends in video content
This increase in video consumption on Facebook truly shows the trend that is happening across the Internet. Cisco stated that video will be 80% of global Internet traffic by the year 2019, and about one million minutes of video content will be posted every single second. YouTubers make up nearly one-third of all Internet users, and they have increased by 40% since 2014. The number of hours that YouTubers spend watching videos has also increased, and that’s by about 60% since 2014 as well.
Snapchat also shows this growth. Video content has increased from eight billion to 10 billion in just a view months.
4. Major content creators
Major content creators are leaning towards more video content as well. Ad agencies and brands have seen the new consumer trend, and they are taking note of it.
Hubspot states that attaching a video in an email will increase the click-through rate up to 300%. If a brand makes a video for a produce, this will also increase the likelihood that the consumer will buy it by 64%.
Video content has become something used on landing pages as well, and if used in the right way, these videos can increase conversion by 80%. It is because of these increases that 65% of U.S. brands are going to increase their budgets for video ads.
There are so many content creators and Internet users out there, and with Facebook integrating video content and features, it seems very likely that Zuckerberg’s prediction will really come true. In a matter of five years or so, we could be seeing a whole lot more video content on Facebook.
Want to capitalise on this trend and start driving more traffic to your website, and more leads to your sales funnel? Find out more about a video and photography package with Grow Digital Marketing, or better yet – contact our team below!