Various industry reports have confirmed that video is now around 70% of the overall Web traffic worldwide. This was not the case few years ago, when broadband/mobile had not spread as it is today. The consumption of Video is increasing everyday with growing availability of high speed and affordable internet. In India, the number of Internet users is around 450 million. This is a huge number by any means, but when we look at the potential internet users who are yet to be connected, i.e. approximately 750 million, we can only wonder about the scale of possibilities. Imagine all the existing and potential users connected to internet and watching videos. The video consumption is definitely going be the main activity for users and the industry.
Now the question, what makes Video so interesting? It is a well know psychological fact that Video increases user engagement. A user watching a video is going to be more engaged versus a user reading text or viewing images. Digital video is the new TV now. The power of choice on Digital video is what makes it engaging, interesting and addictive.
The technology also seems to be favoring Video. The power of creation is now in the hands of everyone. One can take out the mobile phone, record a video, and upload on internet within a matter of few mins. Similarly the tools like mobiles phones, tabs, are always with us which makes it easier to watch video. The feedback mechanism on text based content is still limited whereas with Video the analytics can provide insights for each frame watched. This introduces immense opportunities around ads, marketing, personalization. A lot of which is already happening but the increasing amount of Video consumption will surely lead to major shift in the video industry.
Thinking about your favorite video series already? Well, you have already touched a part of future. More to follow!