You may or may not have heard the popular fact that YouTube is the second biggest search engine after Google. In August 2008 it surpassed Yahoo as the world’s second largest search service, making up over 25% of the total searches on Google owned sites.
Today, YouTube accounts for almost 20% of the U.S. search share and makes up nearly 30% of the Google owned sites total search numbers. Although not officially recognised as a search engine, there are more people trying to find information through it’s search feature than there is in Yahoo or Bing. What’s more, whilst there are many thousands of people optimising their videos to appear in the natural YouTube results, there remains further optimisation opportunities for world-wide exposure with minimum cost.
That’s just the half of the story though; video viewing has even more mind-boggling statistics. Research conducted by the comScore Video Metrix found that during November 2010, 34.7 million U.K. Internet users watched over 6 billion videos and users watched an average of 6 videos during one session. These statistics include content from the BBC and music video website VEVO, which, although contain video content created by professional production companies, indicate an overall trend for greater user engagement and the need for high quality content from online video as a whole.
More and more B2C and B2B brands are adopting online video as a medium to connect with their users and generate huge social followings. Video is massively social; during a recent presentation by Dan Piech about The State of Online Video, comScore found that 1 in 3 video viewers leave a comment, 1in 2 share videos after watching them and more than 1 in 2 watch the video with another person.
There’s another bonus to online video growth, more advertising opportunities and brand promotion. If creating your own video content is not possible, then advertising on videos is another option. The comScore Video Metrix reports that 23 million unique Internet users in the U.K watched 527 million video ads during November 2010.
Online video growth is outperforming ad spending growth. This means that there is currently low competition for advert visability and costs are much lower than compared to many other media types. Users rated online video adverts much higher than TV adverts for brand recognition, relevancy , how memorable it was, enjoyment and interest.
The good news is that the demand for online video is highly likely to continue to grow and content producers, distributors and advertisers are reaping the rewards of the social nature of video.