To prevent the spread of coronavirus, a large number of countries, including the USA, UK, France, India, and many more implemented lockdowns. As people were forced to stay at home with offices, colleges, and schools shut, the consumption of video content witnessed a steep rise.
According to Statista, the consumption of content on streaming platforms increased by 51% worldwide since March 2020. While OTT (Over-The-Top) content is mostly accessed on TVs, mobile video consumption also increased significantly during the lockdowns. This has made video advertising on mobile a viable marketing option.
But will this advertising channel continue to remain attractive once the pandemic is over and people get back to their normal lives? If marketing experts are to be believed, mobile video advertising is here to stay for good. Here are some of the reasons why this might be true-
1. Mobile Video Ads Were Consistently Growing Before COVID
Even before the COVID pandemic locked billions in their homes all over the world, mobile video ads were already growing consistently. According to a 2019 report on eMarketer, mobile video ad spending can grow from $16 billion in 2019 to $25 billion by 2022 in the US alone.
The growing number of mobile video content viewers was considered as one of the top reasons why businesses might want to consider this channel for advertising. The pandemic has in no way affected this primary reason responsible for growing mobile video ad spends.
In fact, it has further accelerated mobile video content adoption. After TV, smartphones are a preferred choice for viewers to stream their favorite video content.
2. AVOD Might Win the SVOD Vs AVOD Battle in the Post-COVID World
Streaming platforms generally follow the AVOD (Ad-Supported-Video-On-Demand) or SVOD (Subscription-Video-On-Demand) model. The AVOD platforms are supported by ads and are generally free. SVOD platforms, on the other hand, charge a monthly or annual subscription fee and are ad-free.
As COVID has had severe financial implications for most people, the AVOD platforms might turn into a preferred choice over SVOD. When it comes to cutting costs in the post-COVID world, consumers will prioritize the spending and might not want to pay the subscription fee for SVOD platforms.
But AVOD platforms will continue to attract the audience with their no-fee model. Brands will try to reach where the consumers are, and this can further boost the popularity of mobile video ads.
3. Video is the New King
As a content medium, video marketing has a host of advantages over other formats. Marketers were quick to respond to how modern consumers access online content. According to a HubSpot report, 92% of the marketers said that video is an important part of their marketing strategy in 2020. In 2015, this was at 78%. This stat alone signifies the importance of video in modern-world marketing.
Even with regards to ROI, 88% of the marketers agreed that video marketing provides them with a positive ROI. In 2015, only 33% of them agreed to the same. This shows that even the attitude of consumers towards video has significantly improved in the last few years.
As mobile adoption will continue to rise in the future, mobile video ads would be an excellent choice for businesses looking to target new audience.
The Right Time to Embark on a Mobile Video Advertising Campaign is Now
As can be seen in this post, the COVID pandemic has only boosted mobile video content consumption. While people might not have as much time to watch online content once their lives get back to normal, mobile would continue to be a preferred choice whenever they want to watch their favorite content.
As a business owner, you’d definitely want to be present at places where the consumers are. With consumers going mobile and video content only getting more popular, mobile video ads provide you the best of both worlds and will continue to do so in the future too.
If you are working on a marketing campaign, try experimenting with mobile video ads, and it might help you get closer to your marketing objectives.