Global video consumption is skyrocketing, creating a lucrative avenue for video-based advertising which Internet giants such as Google, Facebook and Twitter are competing for.
Facebook’s rise in the video ad space has been impressive, inserting auto-play video ads into a user’s timeline amid a plethora of personal information from friends.
The company’s focus on video seems to be paying off, as it claims over 50% of the users in UK, Brazil, South Korea, Singapore, Israel and the UAE watch a video every day.
The number of video posts created per person on Facebook increased 75% globally, 52% in Australia, 36% in South Korea and 138% in the United Arab Emirates in a single year.
In order to grow its prowess in serving users up users videos, Facebook is investing in products that so that photos and videos load faster, play smoothly and require little bandwidth.
The company even launched a Creative Accelerator program aimed at working with brands in countries like India, Indonesia, South Africa, Kenya and Turkey to create visual stories for mobile devices.
Facebook claims ads made through its Creative Accelerator are showing promising results – like the campaign for Coco-Cola in Kenya which had 18% better ad recall than other similar campaigns.
In India, Nestle Everyday’s ‘Theater in a Cup’ campaign apparently helped increase brand awareness by 9% and purchase intent by 5% compared to similar campaigns in the region.
By taking the route of visual storytelling, Facebook is trying to prove to marketers that video is the future of selling online, in effect drawing a larger chunk of their marketing spend.