Can you think of 3 videos you saw yesterday?
Of course you can.
Because in 2023, video is everywhere.
If you’re looking for video statistics to show to your boss, to motivate you to become a creator yourself, or just to better understand the topic, you’ve come to the right place.
In this article, we’ll take a look at some interesting statistics that are super relevant right now.
We will explore video consumption trends over the years, the differences in video consumption behaviour between different generations, and the types of videos that viewers find most engaging.
Additionally, we'll discuss the cost of creating video content and make some predictions for the future of video and the role of AI in this space.
So if that made your eyes light up…
Let’s jump right in!
The growth of video consumption
Video consumption is growing at a rapid pace. It seems like everyone is watching videos these days, and it's not hard to see why – it’s an engaging format as it combines visuals, audio, and motion to create an immersive experience for viewers.
With advances in technology, video is becoming simple to create, and also to distribute. The rise of social media platforms has enabled anyone to both create and consume video content with just a few clicks.
Another factor worth mentioning is the shortening of our attention span.
In a visually overwhelming world where attention is a scarce commodity, video is the perfect medium for quick and effective communication. It’s no surprise that short formats are becoming increasingly popular.
Let’s take a look at some video consumption statistics that reflect these trends:
1. The number of internet users worldwide is growing by 10% every year.
2. Internet users aged 16-64 spend an average of 7 hours per day online, and this time is still increasing.
3. Video made up 82% of all internet traffic in 2022, compared to 73% before the pandemic.
4. Nearly 89% of internet users in the US watched online videos in 2022.
5. The number of people using social media globally has increased by 10% in 2022, with 4.62 billion users now.
6. The average daily time spent on social media by users aged 16-64 is 2 hours and 27 minutes.
7. TikTok users spend more than 1.5 hours on the app each day.
8. Over 2.6 billion people around the world use YouTube every month.
9. This makes YouTube the second largest search engine, with its user base growing from 0.8 billion to 2.6 billion over the past decade.
10. 96% of people have watched an explainer video to learn more about a product or service.
Demographics breakdown of video viewers
Ok, if you’ve read the previous section, we can now 100% agree on one thing: video has become an increasingly popular medium for consuming content.
However, as the use of video continues to grow, it's important to understand the demographics of video consumption, including how different generations consume video content and why.
In general, we can say that younger generations, such as Millennials and Gen Z, tend to consume shorter, bite-sized videos that are easily shareable on social media.
On the other hand, older generations, such as baby boomers and Gen X, may still prefer to watch longer-form video content.
Let’s not forget that as technology continues to evolve, these consumption patterns may shift over time.
But right now, here’s how different generations consume video:
11. Millennials and Gen Z watch more video content than Gen X and Baby Boomers.
12. However, Boomers do enjoy consuming online news, with 35% using news sites and apps on a daily basis, while more than half (54%) watch videos online.
13. Compared to Baby Boomers, Millennials are 150% more likely to use video for shopping decisions.
14. Children today read less and enjoy reading less than young people did in the past. They prefer more engaging formats, such as video and audio.
15. Gen Z has the shortest active attention span among all age groups, at just 1.3 seconds.
16. Most viewers of digital videos are young adults.
17. In fact, 97.8% of US internet users aged 18 to 24 consider themselves to be digital video viewers.
18. 7 in 10 teens spend over three hours daily watching mobile video content.
19. For 65% of Gen Z, personally relevant content is more important than content that's popular among others.
20. 59% of Gen Z use short-form video apps to discover content and then watch longer versions of it.
Video engagement trends & metrics
We’ve seen the growth of video consumption over the last years and among generations.
But let’s face it – not every video you come across is fun to watch.
Some are boring.
Some don’t provide any value.
Some are hard to understand because you're bombarded with too much information.
So what exactly is it that makes a video compelling? What elements make the video’s message stick with viewers? What are the boxes your video has to tick in order to be considered good?
Well, here's some data:
21. Viewers retain 95% of a message when watching it on video, compared to 10% when reading text.
22. Visual content is processed by the human brain 60,000 times faster than text.
23. When there's a visual overlay on screen, there's an 80% chance viewers will look at it.
24. Globally, over half of all produced videos (56%) are shorter than 2 minutes.
25. Personalized videos are 35% more likely to retain viewers compared to non-personalized videos.
26. When it comes to learning, short and concise video content increases focus and encourages long-term information retention by 80%.
27. 86% of US viewers frequently use YouTube to learn new things.
28. Video is the top content strategy used by marketers.
29. People also like to share videos – they are shared 1200% more than links and text combined.
30. 76% of internet users find information about brands and products on social media platforms.
Video production costs
Video content is in high demand across a variety of industries, but the resources required for its production can be significant.
One of the biggest obstacles to creating video content is the cost and time associated with its production.
Another challenge in creating video content is the need for translation and localization. As companies expand into new markets, it becomes increasingly important to create content that can be understood by audiences in different regions.
However, producing videos in multiple languages can be particularly challenging, as hiring voice actors can be expensive and subtitles may not be an appealing solution.
But before jumping to conclusions, let’s take a look at some real data:
31. The biggest barriers that prevent companies from creating marketing videos are time and team size, according to most companies, with 64% citing time and 45% citing team size as significant obstacles to scaling video.
32. Let’s not forget the cost aspect. The cost of creating one minute of live-action video ranges from $1500 to $10,000 on average.
34. The median price for an explainer video is $5,400.
35. For a voice actor, the cost of recording a 2-5 minute clip with 150-750 words is $200-$350.
36. The cost of hiring a cameraman can be up to $400 per hour.
The future of video (production)
As we’ve seen in the last section, creating video the traditional way is a rather costly and lengthy process.
In contrast, AI video opens up numerous opportunities for video creators, democratizing video production and making it accessible to everyone.
As a result, new and unprecedented video formats will emerge, as well as new channels for distribution.
So, what does the future of video look like and why?
41. The average attention span has decreased by 30% in the last 15 years, with people now only able to focus for 8.25 seconds compared to 12 seconds in the past.
42. With people increasingly favoring video over text, more and more existing content is being transformed into videos.
43. To maximize the effectiveness of video content, it’s becoming more important to curate and tailor it to fit the specific requirements of different platforms.
44. Companies will continue investing in localization in order to drive revenue, as research shows that personalization drives a 10 to 15 percent revenue lift.
45. Optimizing video descriptions and enabling captions is a growing trend, with 53% of respondents in this research expecting their captioning needs to increase in the future.
46. Video is the top investment companies are making for training purposes.
47. In the future, video content strategy will rely more and more on data.
48. By 2025, 30% of outbound marketing messages from large organizations will be synthetically generated using generative AI, up from less than 2% in 2022.
49. As AI technology advances, AI generated video content will become more expressive, and AI avatars will become more common and accessible.
50. Companies using AI to create videos are already saving up to 80% of their time and budget compared to traditional video production.
We hope you found this post informative. We will continue to add more interesting data in the future, so stay tuned if you want to learn more about the latest trends and predictions for the future of video.
As the statistics indicate, AI will be instrumental in making video production scalable.
In fact, this is already the case:
- Teleperformance, for example, reports $5,000 in cost savings per video compared to traditional video production.
- Ocado has turned every employee into a video creator and generated 450+ videos within a year.
- BSH reports savings of over 70% and a 30% increase in engagement.
Many other companies are also using AI for video production, and their stories and savings are impressive – you can find them here.
And if you’re ready to scale your video production, you can get started with a personal plan or book a demo call with us.