Online video streaming and traditional TV are now neck and neck. 50% of consumers say they stream online video content at least once a week, the same amount that said they watch traditional TV. This comes from a new report by Ericsson ConsumerLab, the market research arm of the Swedish communication technology and service provider. The study utilizes data from 30 in-depth interviews, over 25,000 mobile devices, and 22,500 online interviews.
On-Demand Video is Closing the Gap for Daily Consumption
Weekly viewing is dead even for on-demand video and TV, but daily viewing still has traditional TV on top. However, online video streaming is poised to take over as the primary choice for daily viewing as both scheduled and recorded linear TV (time- and channel-based TV) continue to decline. This decline has been attributed to many factors, but primarily to the proliferation of smart TVs and connected video-enabled devices such as game consoles and smartphones.
The World Has Gone Mobile and Has Brought Video Along for the Ride
Smartphones are a major driver in the growth of online video streaming. There has been an incredible 71% increase in the number of consumers who watch video on their smartphones since 2012. This falls directly in line with the explosive saturation of mobile devices and the resulting development of the mobile advertising market. In fact, this market is growing quickly: 2014 mobile advertising revenue is up 65% from 2013.
Mobile video presents a large opportunity for marketers looking to establish a stronger mobile presence. And it has proven to be a highly effective advertising channel. In fact, smartphone video viewers are 1.4 times more likely to watch ads on their devices than desktop or TV viewers (Google). Mobile video has tremendous potential for getting your brand in front of consumers and for driving a higher number of favorable actions towards your business like sharing your video, calling your company or making a purchase.
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