It’s hard to believe that YouTube celebrated its 10th birthday a year ago. Since its launch in 2005, so much has happened. It was just in 2006 when Google bought the company for $1.6 billion. It was only on April 23, 2005 when the site’s co-founder, Jawed Karim uploaded the site’s first video.
Since then, YouTube has evolved from amateur video clips to a company with an effective advertising-based revenue model. It has also seen a bevy of competitors spring up from Facebook to Vimeo and Twitch. Every second, 92,841 videos are viewed. Yet, some are wondering if the site is dying. Read on to learn more.
Vimeo vs. YouTube vs. Twitch
According to comScore data, 188.2 million people in the U.S. watched 52.4 billion online content videos in December 2013. In addition, 93 percent of marketers used video marketing. There isn’t any question that video increases engagement.
The only question is the site you choose to use. For most brands, it often boils down to Vimeo vs. YouTube. Moreover, Twitch is popular with pro gamers who stream. Gamers only want to watch pros and entertainers stream. So, whichever site has the most streamer options will win over the gamers. Then, there is Facebook video gaining prominence.
This is especially true with Facebook Live. You might have noticed an increasing number of individuals and businesses using Facebook Live to offer an inside view of their organizations. Still, YouTube is the world’s most popular video sharing platform. Over 6 billion hours of video is watched each month on YouTube. It is also the second most popular search engine in the world, only second to Google.
Still, there was a bit of backlash when YouTube accounts were merged with Google+ accounts. This was quite forceful when Google attempted to push Google+ as a competitor to Facebook. Users were definitely not pleased. Nonetheless, mobile devices have started to gain greater bandwidth – meaning more room for videos. In 2014, Facebook introduced native video that allowed users to upload videos directly to Facebook.
As a result, video uploaded directly to Facebook overtook video clips shared on YouTube. Although, comparing a Facebook view to a YouTube view is comparing apples to oranges. In terms of Vimeo, the site offers a business plan for around $17/month. This includes:
- Advanced statistics
- Unlimited HD plays
- Up to 20 gigs of video storage every week
Yet, YouTube’s gross ad revenues reached $9.50 billion in 2015, a 25% gain over 2014. According to eMarketer, YouTube will retain the biggest share of US video and revenues through 2017. So, you will have to decide if it’s the best platform for your marketing efforts.
YouTube Trends for 2016
With the onslaught of streaming services, YouTube entered the competition by introducing YouTube Red. This is a high-quality streaming service that is ad-free. It also allows users to download videos to watch later. In addition, YouTube Red is included in a Google Play Music Family Plan.
It appears the site wants to find varying outlets for growth in the face of increasing competition. Other rising trends include virtual reality and support for 360 video. Of course, you need to decide if live-streaming and virtual reality is a good fit for your brand.
How successful brands market on YouTube
Digital marketing revolves around using the Internet to spread the word about services, companies and products. The objective is to increase the online visibility of a company. When it comes to YouTube, companies are:
Creating viral video content–To stand out, viral content may be necessary. It has to be short, simple, unique, timely, and interesting.
Building an engaged community–You can’t create viral content every day. Successful brands are instead building an engaged YouTube community by creating content for their users. What matters is they are displaying quality videos consistently that is relevant to their audience.
Advertising–Many marketers realize that ignoring YouTube would be a big mistake. You don’t even have to have video to advertise. All you need is an active account.
Partnering with YouTube stars–To maximize publicity, brands are partnering with YouTube stars that resonate with target customer profiles.
YouTube is not dead
While true that YouTube is facing increased competition, they are not dead. Yes, users have more options in terms of the types of videos they want to share and view. If you have a short, snackable video – placement might be best on Instagram, Facebook or Twitter.
For longer, story-style videos, YouTube is still probably the best outlet. Plus marketers will continue to utilize YouTube as it will have most of the video platform market share through 2017. After that, it is anyone’s guess. Yet, video is an important means of increasing brand awareness and engagement.
What are your thoughts? Does YouTube play a major role in your video marketing efforts? Don’t get left behind though. Make time for video marketing, because with the right outlet and relevant content it will pay off.