In the past decade, social media has exploded like few could have predicted. It has evolved from being a place where old friends reconnected and new friends stay connected, to being a place focused on entertainment, especially when it comes to video. Platforms like Snapchat, Instagram, and Facebook have flipped traditional video on its head and have experienced a high success rate because of it.
According to a new study by Adaptly, in the last year, there has been 3x increase in videos created and shared on Facebook, a 150% increase in video consumption on Instagram, and 60% more views on Pinterest.
And slowly, but surely, these platforms are winning over eyeballs at an impressive rate.
According to Adaptly, 60% of people prefer online video platforms to live TV and users spend an average of 45 minutes a day watching content on their mobile device. Additionally, Snapchat now reaches 60% 18–34 year-olds in the U.S compared to just 6% by the top 15 TV Networks.
So whats next for social video?
Social media is well into the process of becoming the top dog of the entertainment industry. Snapchat, Facebook, and Instagram are steadily working on original content and, in the process, will be taking away more ad-dollars from traditional programming. By 2020 TV will account for less than one-third of media ad-spend in the U.S. and by 2021 mobile revenue is expected to reach $25 billion globally.
But social platforms aren’t stopping at social video. According to Nikhil Sethi, the CEO and Co-founder of Adaptly, “Social platforms will begin to build hardware, like we have already seen with Spectacles and Oculus. This creates new formats and more types of experiences for people, which will ultimately create more advertising opportunities for brands.”