50 Video Marketing Statistics for 2024

Justin Berg
Co-Founder at Simple Testimonial
Last Updated: 
June 7, 2024
In This Article

The world of video marketing is constantly evolving, and keeping up with the latest trends and statistics is crucial for businesses looking to stay ahead in the digital landscape.

As we move deeperinto 2023, a multitude of video marketing statistics have emerged, shedding light on the current state of the industry and providing valuable insights for marketers and businesses alike.

One key area worth examining is the effectiveness of interactive videos, which have been shown to significantly impact conversion rates, lead generation, and web traffic, among other metrics.

Let's take a look at the stats breakdown by category.

Video Marketing Usage

In this section, we will explore various video marketing statistics in 2023, showcasing the widespread usage and impact of video content for businesses and consumers alike.

Cisco predicts that by 2023, video will account for 82% of all internet traffic, emphasizing the need for businesses to adopt video marketing strategies.

According to Lemonlight, 91% of marketers are using video content in 2023, demonstrating the importance of video in today's digital landscape.

A Personify Corp report highlights that 80% of consumers want to see more videos from businesses, indicating a strong demand for video content.

Wistia's 2023 State of Video Report reveals that 69% of marketers rate video as their most effective marketing tool.

On social media platforms, video content generates 48% more views than other content types, proving its high engagement rates.

Forbes states that the popularity of streaming video services has increased significantly since the Covid-19 pandemic, opening new avenues for marketers to reach their audiences.

In 2023, marketers allocate 25% of their digital advertising budgets to video marketing, reflecting its value and impact on their overall strategy.

HubSpot found that 54% of consumers prefer to see video content from brands compared to other content types like email, images, and text.

Mobile video consumption is rising by 100% each year, as more people turn to their smartphones to consume content on-the-go.

Cisco predicts that by 2023, video will account for 82% of all internet traffic, emphasizing the need for businesses to adopt video marketing strategies.

A Brightcove study shows that video marketing generates 1200% more shares than text and images combined, amplifying the reach and visibility of a brand's message.

Types of Video Created

In 2023, the variety of video content being produced continues to grow as marketers take advantage of new platforms and innovative formats.

This section presents ten video marketing statistics demonstrating the popularity and effectiveness of different types of videos.

  1. Explainer videos are widely used, with 72% of businesses reporting their implementation in their marketing strategies.
  2. Product demo videos have proven to be effective, as 74% of users who watched one ended up making a purchase.
  3. Testimonial videos are now more prevalent in marketing strategies, with 62% of businesses incorporating them.
  4. Educational videos are highly popular, as 94% of video marketers claim they help users understand a product or service better.
  5. Video ads are becoming a more significant part of the advertising mix, contributing to 30% of the total video ad revenue.
  6. Live streaming shows significant growth, with an estimated 330% increase in live video views between 2022 and 2023.
  7. Social media videos are an essential part of marketing strategies, as 89% of marketers find them to be the most effective for engaging with their target audience.
  8. Virtual reality (VR) videos are driving growth for immersive experiences, with the VR market expected to reach a value of USD 260.5 billion by 2023.
  9. 360-degree videos not only offer a unique experience for viewers, but also generate 46% more video completion than regular videos.
  10. User-generated content (UGC) is gaining popularity in video marketing, with 86% of businesses considering it to be more authentic than traditional branded content.

Video Marketing Costs

Video marketing costs can vary greatly depending on factors such as production, distribution, promotion, and platforms.

  1. The United States is expected to have the most significant ad spend in video marketing, reaching $138 billion in 2023.
  2. 78 percent of marketers plan to invest in video marketing in 2023, indicating an increase in overall budget allocation for this medium.
  3. In a survey, 91 percent of marketers have understood the importance of videos as part of their digital campaigns after the pandemic, likely also affecting video marketing budgets.
  4. For small-to-medium-sized businesses (SMBs), average video marketing costs can range from $1,200 to $50,000 per project, depending on factors such as length, quality, and distribution.
  5. The cost of producing a 60-second video can range from $2,000 to $10,000, depending on various factors like scripting, pre-production work, locations, equipment, and talent.
  6. The average cost of professionally producing a 30-second commercial for television ranges from $15,000 to $1 million, depending on factors such as actors, locations, post-production, and marketing expenses.
  7. In a survey of B2B marketers, 30% of respondents reported their main roadblock in video marketing was budget constraints.
  8. When considering video hosting platforms, companies should note that costs range from free (YouTube) to more premium options like Vimeo at $75 per month.
  9. It has been found that over the past decade, the average cost of producing a video has decreased by 50%, making video marketing more accessible to smaller businesses and advertisers.
  10. Marketers who plan to use pre-roll video ads should be aware that average cost-per-click (CPC) for these ads can range from $0.01 to $0.60, depending on factors such as targeting and industry.

Video Marketing ROI

Investing in video marketing can yield significant returns for businesses.

  1. 85% of marketers credit video as an effective way to get attention online 1.
  2. Studies have shown that customers retain 95% of the information contained in videos compared to only 10% from text 2.
  3. Conversion rates increase by 80% when marketers include a video on a landing page 3.
  4. 64% of consumers are more likely to purchase a product after watching a video about it 4.
  5. Organizations incorporating video into their marketing strategies have reported a 34% higher web conversion rate compared to those that don't 5.
  6. Companies who use video see a 41% increase in traffic from search engines compared to those that don't use video 6.
  7. 52% of marketing professionals worldwide name video as the type of content with the best ROI 7.
  8. Videos on social media platforms generate 1200% more shares than text and images combined 8.
  9. Video content can increase email click-through rates by 200-300% when included in email marketing campaigns 9.
  10. Incorporating the word "video" in the email subject line can boost open rates by 19% 10.

The statistics above illustrate the potential benefits of integrating video content into marketing campaigns, leaving businesses with significant potential for increased ROI.

Footnotes

  1. https://nealschaffer.com/video-marketing-statistics/
  2. https://www.oberlo.com/blog/video-marketing-statistics
  3. https://blog.hubspot.com/marketing/state-of-video-marketing-new-data
  4. https://wistia.com/learn/marketing/video-marketing-statistics
  5. https://www.lemonlight.com/blog/67-video-marketing-stats-you-need-to-know-for-2023/
  6. https://nealschaffer.com/video-marketing-statistics/
  7. https://www.oberlo.com/blog/video-marketing-statistics
  8. https://blog.hubspot.com/marketing/state-of-video-marketing-new-data
  9. https://wistia.com/learn/marketing/video-marketing-statistics
  10. https://www.lemonlight.com/blog/67-video-marketing-stats-you-need-to-know-for-2023/

Top Video Marketing Channels

Video marketing has become an essential component of digital marketing strategies. As businesses continue to adapt to the changing landscape, it is crucial to understand the trends and statistics of the top video marketing channels.

  1. In 2023, the top channels used by B2B marketers include social media, websites, blogs, and email marketing.
  2. YouTube ranks as the most popular social media platform among marketers with 90% usage.
  3. TikTok's growth among marketers showed that 35% of those surveyed are using the platform for their campaigns.
  4. Around 58% of people claim they have become more interested in a brand or product after seeing it in Instagram Stories.
  5. Over 75% of all videos are viewed on mobile devices, making mobile optimization a must for marketers.
  6. LinkedIn users are 20 times more likely to share a video than other types of content, reinforcing the importance of video marketing on professional networking sites.
  7. In 2022, it was estimated that internet users watched 1 million videos per second, highlighting the increasing demand for video content.
  8. Among the top channels for sharing or hosting marketing videos, 76% prefer social media, followed by 55% for blogs or websites, 44% for email, and 31% for Vimeo.
  9. Short-form videos and influencer marketing have been identified as the top marketing channels that businesses plan to invest more time and resources into in 2023.
  10. 67% of marketers plan to increase their video marketing budget in 2023, reflecting the growing importance of video content in the industry.

As the landscape of video marketing continues to evolve, staying updated with the latest trends and statistics is crucial for businesses to remain competitive and successfully engage with their audience.

By leveraging these insights, marketers can make informed decisions and optimize their video marketing strategies for greater impact.

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