Understanding The Role of Video In 2023

Role of Video In 2023

Prestige's State of Video 2023

There’s an old saying that says, “Hindsight is 2022.” You’ve probably heard it—who hasn’t? However, as we head toward the second half of the year, we are wise to make adjustments based on how the past year’s challenges sit comfortably in our rear-view mirror. This year is hindsight, and thanks to the webinar like VIDYARD’s “The State of Video 2022 Report“, we can derive meaning from the weird future we just experienced. And because we know you are extremely busy, we have composed all of this into one actionable blog post. Please sit back, relax, & read (or listen) as we discuss the role of video played for your customer in 2022 and will continue to play in 2023.

If you have any questions about the value of video content, feel free to contact our expert team. We’re happy to help you brainstorm ideas for utilizing the power of pictures and videos in your projects. Contact us today to schedule a free consultation.

Drumroll, please… We now have more videos than ever.

Role of Video 2023Video upload figures have risen over the last five years. (FYI, Wistia defines “creation” as the number of videos added to their platform, so here we’ll be using it almost synonymously with “uploading.”) But in 2022, the amount video uploads increased by 80 percent! We will get back to this phenomenon shortly, but let’s give some thought to the actual trend.

The average daily upload volume increased considerably every month through April; however, the importance of uploads remained steady throughout the fall and winter months. Hence, throughout the aftermath of the pandemic, YouTube anybody was still thriving in their endeavors in video creation.

Think shorter is better? Think again.

I have noticed people happily watch elongated videos lately. According to my findings, it’s no surprise that since most of the videos are under a minute in length.

Despite the popularity of short videos (under one minute), the next most popular video length was 5-30 minutes, with a 91% growth rate over the past year. It’s impressive on its own, but we were most surprised to see uploads of videos over 30 minutes jump by 140% – outpacing all other video length categories. There is no doubt that longer videos are valuable and impactful for marketers, and the data supports that view.

Increasingly longer videos resonate with audiences, so we should not be afraid of length since it correlates with engagement.

Audiences are more engaged than we thought.

Role of Video 2023

Prestige says this a lot about marketing: It’s not about who shows up but who stays. By tracking engagement rates on a video-by-video basis, you can figure out which videos work and which don’t. Although engagement across massive data sets could be more precise, we can still learn much from Wistia. Firstly, short videos are the most engaging. Even if your audience isn’t that interested, watching a short video is easier because there’s less to manage. That’s one reason they’ve historically been so influential. In addition, the report shows that longer videos engage at a surprisingly high rate, just slightly behind short videos. The engagement only drops once you reach the 30-minute mark, and even then, its attention is great. As audiences become increasingly engaged with longer videos, we should be confident in length as it correlates with concentration. Give a concept or story the time it needs – your audience will be patient.

Audience want video and are engaging with the format at a record-setting pace.

People aren't just uploading videos - they are watching more videos than ever before

Would you be surprised if we said people watched about 1.3 billion hours of video last year? Does that sound like a shocking number? Well, hold on to your hats: on Wistia, a B2B video marketing platform, mind you, audiences watched 1.2 trillion minutes of video in 2022. That s over 200 hundred million hours. That number is the highest it has ever been and has increased significantly from years past. The creation and consumption trends do not always coincide, but in this case, they do. As the number of uploaded videos increased by 80 percent, overall consumption went up by 84.3 percent. Because, like the 1989 film Field of Dreams (in which the main character builds a baseball diamond to attract the ghosts of baseball history’s greatest players), “if you build it, they will come.” For marketers, on aggregate, this means if you put out video content, your audience will sit through it.

Virtual and hybrid events are here to stay

Would you be surprised if we said people watched about 1.3 billion hours of video last year? Does that sound like a shocking number? Well, hold on to your hats: on Wistia, a B2B video marketing platform, mind you, audiences watched 1.2 trillion minutes of video in 2022. That s over 200 hundred million hours. That number is the highest it has ever been and has increased significantly from years past. The creation and consumption trends do not always coincide, but in this case, they do. As the number of uploaded videos increased by 80 percent, overall consumption went up by 84.3 percent. Because, like the 1989 film Field of Dreams (in which the main character builds a baseball diamond to attract the ghosts of baseball history’s greatest players), “if you build it, they will come.” For marketers, on aggregate, this means if you put out video content, your audience will sit through it.

In summary, the video is (still) a blast!

As a marketer, you should not be reminded of videos’ significance for your business. On our website and within your own experience, you can see them at any time. However, it s good to enjoy these trends playing out on a large scale and relate them to common sense. Additionally, we appreciate the progress that long-form videos are more successful and hybrid events are on the rise. At Prestige, we enjoy using those formats to engage with real audiences, and it’s nice to see the numbers align with our passions.

Role of Video 2023

If you are looking for advice on how to market an event or video series you filmed or are interested in using virtual events to connect with your audience, do not hesitate to get in touch with a member of our staff. Visit our contact us page By completing the form on this page, you can be scheduled for a free strategy consultation with a video specialist at any time.

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