2024 Vision: The State of Video Marketing in 2024

Video marketing has gone beyond just strategy; it has become the heart of brand communication. From the captivating world of live-action storytelling to the dynamic attraction of animated narratives, video marketing is more expansive and expressive than ever.

In this blog, we will be breaking down Wyzowl's latest survey based on the state of video marketing in 2024.

Key Statistics and Trends

Right now, a massive 91% of businesses are using video marketing. It's not just a fleeting trend, it's here to stay.

But here's the real deal; Video isn't just a checkbox in the marketing playbook – it's at the heart of strategy for a whopping 88% of video marketers. This isn't just a nod, it's a full-on recognition of its strategic importance, highlighting its role as a vital tool in any marketer's toolbox.

Don’t get us wrong, there are still people out there who don’t understand the importance of video and how it can help boost marketing efforts. Many say it's too expensive, don’t know where to start, and are confused about the ROI of video marketing. However, we’re here to show you that video marketing is the central piece of the marketing puzzle. Head over to our blog to discover how video can help boost your brand, but for now, let’s keep looking at more stats and trends for 2024.

Future Outlook

2024 is set to witness a remarkable transformation as an impressive 68% of marketers who have yet to explore the wonders of video are now gearing up to make their move into this world.

Over the past 10 years, video has completely transformed, adapting to the changing tastes of our audiences. Short-form content, especially on social media, has become a game-changer, giving us quick and captivating videos that steal the spotlight. The TikTok app itself has become a cultural force, setting trends and shaping the digital world. Plus, we've dived into immersive experiences with Virtual Reality (VR) and Augmented Reality (AR), letting us explore new worlds through our screens. It's a wild ride that proves video can be anything from quick and snappy to fully immersive, showcasing endless creative possibilities. If you’re interested in the future of video check out our blog to see what's in store.

Decoding Video Types

Stepping into the spotlight, as the most popular format is ‘live-action video’, claiming a prominent 48% share as the go-to format. Its appeal lies in the authenticity it injects into visual stories, forging genuine human connections that resonate with audiences. Animated video follows suit, contributing 24% to the mix, elevating storytelling with creative flair and dynamic visuals that captivate viewers. Meanwhile, at 22%, screen-recorded videos carve out their own space, providing a practical and informative approach to engage audiences.

This diverse landscape of video formats showcases the variety of ways we connect, entertain, and inform through the lens of visual storytelling. If you’re wondering what type of video would fit your brand and campaign talk to the team today.

How Are Businesses Producing Video Content?

In video creation, businesses take varied approaches. A significant 38% choose to showcase in-house creativity, embracing a personalised and close-knit style for their videos.

On the flip side, 24% opt for external vendors (just like us), tapping into dedicated expertise to infuse unique skills into their video endeavours. An additional 38% find balance by blending in-house talent with external teams. This approach results in a comprehensive video creation strategy, marrying the benefits of internal creativity with the diverse perspectives and skillsets offered by external collaborators.

Remember if you’re looking for some help with your video content, don’t hesitate to contact the team, we’re always more than happy to help.

The AI Effect

As we continue to move into the era of innovation, a significant 75% of forward-thinking video marketers are wholeheartedly adopting Artificial Intelligence (AI) tools, reshaping the video creation landscape.

AI's influence extends beyond creation into editing, offering a diverse array of possibilities to refine and perfect video content. This marks a considerable advancement in the capabilities available to content creators, bringing a new dimension to post-production.

However, in this wave of automation, the human touch remains essential. Marketers are tasked with preserving this human element, strategically infusing it into the video creation process to craft narratives that resonate on a deeper level. While AI is helping the efficiency side of things, it still needs the human touch bringing emotion, authenticity, and delicate storytelling into video.

As it stands, AI is far from being able to produce video in the same way humans do. After all, we as viewers are craving personal and authentic messaging. But, as AI is constantly evolving it will be interesting to see how this develops. If you want to read more about AI in the video landscape you can zoom on over to our other blog 'The Future of AI in Video Marketing'

ROI and Success Metrics

As we’ve already shown, video marketing proves to be a powerhouse for marketers, but what does video marketing look like in terms of ROI and success for businesses? Let’s take a look…

Out of the 900+ people surveyed, a resounding 90% expressed satisfaction in achieving a good Return on Investment (ROI) from video marketing. This success takes various forms, showcasing the complex impact of video content. Impressively, 60% of video marketers measure ROI through engagement metrics like likes, shares, and reposts. Customer engagement and retention play a crucial role for 42%, while 40% focus on video views primarily.

The saying "less is more" rings true, with 39% finding 30-60 seconds the most effective video length. Beyond metrics, video has proven key in achieving various goals, including increased user understanding (88%), heightened brand awareness (90%), boosted web traffic (86%), lead generation (87%), increased sales (87%), and extended website dwell time (82%). Notably, 66% attribute video success to reducing support queries, indicating a remarkable 13% increase from the previous year.

If you still don’t believe that video marketing should be a key aspect of your marketing strategy, let’s look into what the customers say about brand video:

Customer Perspective

91% of individuals have engaged with explainer videos to gain insights into products or services, saving valuable time and creating compelling narratives. The persuasive power of video is clear, with 82% of viewers influenced to make a purchase after watching an engaging video. Additionally, 77% of consumers have taken the step of buying or downloading an app post-viewing.

Looking ahead to 2024, 89% of consumers express their desire for more brand videos, showcasing a growing appetite for visual content.

Wrapping Up

As we wrap up this exciting journey through the video-marketing landscape, one thing is crystal clear: Video isn't just a trend; it's the pulse of brand storytelling, connecting businesses with their audiences in profound ways.

Have you got a plan for your video marketing efforts this year? Why not talk to the team today and see what video marketing looks like for your brand