The takeaway: As Facebook, YouTube, and Instagram chase TikTok’s success in cornering short-form video, the race underscores just how important video has become as a marketing channel.
“Brands really should be shifting more budget into video, and I don't mean just TikTok,” our analyst Jasmine Enberg said on a recent “Behind the Numbers” podcast.
Targeting TikTok: Trying to beat TikTok might be a lost cause, but Enberg said platforms will have an easier time cloning TikTok’s approach to short video than reinventing it. Instagram has already put a greater emphasis on its Reels format, even though viewers watch Reels 11 times less than TikTok videos, according to an internal Meta memo.
This week, Facebook and YouTube announced efforts to bolster their short-video products:
Why video?: Video now accounts for more than half of the time spent on social media, our “The Great Realignment” report recently found. And that figure is only expected to increase. For marketers, that represents an advertising opportunity that many are jumping at.
Display advertising will make up 57.7% of digital advertising budgets in the US in 2022, driven by this consumer surge in video consumption. In fact, we now expect more than $76 billion in video ad spending this year, significantly higher than our pre-pandemic forecast.
“I think it's way too soon to tell whether it's going to be as big as TikTok, or how far it's really going to reach within the social media landscape,” she said. “But keeping an eye on those new players and how younger consumers are spending their time and communicating on social media really is vital to see where the landscape is going next.”
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