Content in Motion: How brands can break boundaries with social entertainment
Earlier, video marketing was a costly affair for brands. There had to be thorough planning to decide on the videos as each would cost a fortune in making. These days, it’s become quite cost-effective on social media platforms. The reason is simply that digital creators make most of the videos. Brands don’t have to pay for the video production separately. So, brands are now opting for video marketing over a picture/static post.
Also, videos get more engagement because they are not just promotional/informational videos. The creators integrate the brand with detailed creativity that provides entertainment to their audience. Brand integration with entertaining content gives better visibility to the said brands and possibly converts the viewers into buyers. That’s why brands sometimes prefer investing in known social media influencers over any other celebs.
Indian viewers are ranked highest among the world in watching online video content. According to a survey, Indian people view online video content for five hours daily on average during the CoronaVirus pandemic. Short video consumption has increased by four times. India’s video market, which includes TV & online platforms, will reach $18 billion by 2026 and is growing at a CAGR of 9.5%.
With a huge surge in social media commerce, it is said that India could have 228 million social commerce consumers by the end of 2022. The way video consumption has increased, I think a huge chunk of this market will shift to video commerce. Video commerce also provides entertainment, and sales happen very organically. It is a win-win situation for everyone involved.
We can see video shopping apps getting very popular of late. Quite a few customers are making their buying decision quickly by watching a product video as compared to seeing just the picture and going through the text descriptions. The social or live video commerce industry has shown a significant jump this year. Because of the relevance and engagement, we can see tremendous growth in live video commerce in the coming years. All the popular e-commerce platforms are also selling through live video. They are inviting prominent influencers to attend a live session and interact with the audience. They can also feature a few products that the audience can buy right away.
We can also see a transition in video consumption by Indian viewers. They are shifting from the regular long format video to short-form content. We can see this on YouTube, where popular YouTubers struggle for views. In contrast, viral Instagram reels are reaching out more and they are deciding trends for the rest of the world. YouTube is attempting to capture that market with YouTube Shorts.
All the other short video apps are incentivizing creators to join their platforms. So, brands have started investing in short-video advertisements, since they are able to get organic & better engagement and conversion rates. Video commerce can see mega growth in the next few years. A study says India can potentially reach $4-5 billion by 2025.
The brands have not yet explored the massive game streaming market to the extent it should be. There is great potential, especially for brands dealing in specific sectors like sport, apparel, drinks, etc. The game streaming market in India can grow at a CAGR of 9% during 2021-26. Brands can target a new set of customers through popular game streamers as they seem very relatable to their viewers. As per the World Economic Forum, the eSports viewers spent 17.9 million hours watching their gaming heroes in the first quarter of 2018. Video shopping apps can also collaborate with these gamers for a live selling session for a specific product range.
Brands can leverage video advertising and live commerce in the Metaverse. By 2024, it will be an $800 billion market. A company might lead this new market where brands will start sponsoring Metaverse events/activities and start selling live. For now, we can only speculate things where the Metaverse is concerned.
About the author:
Raushn Jha, Founder & CEO, PDP Media