Video Marketing Statistics: Trends for 2024 That You Can’t Ignore
Digital marketing is constantly changing, and this year is no exception. As we continue through 2024, it’s essential to stay up to date on the latest video marketing statistics.
The video marketing benefits are numerous, and its adoption is rapid. The figures below help paint a clearer picture of how the industry is evolving. From overall viewership to ad spend, let’s explore the stats you need to know as we navigate the new year:
1. Digital video viewing is increasing around the world.
If you want to reach 46.9% of the population, you’ll want to spend some time creating and distributing digital video. According to eMarketer, 3.78 billion people will watch digital video content in 2024.
2. Digital video advertising spending is expected to increase, too.
Video ad spending isn’t slowing down any time soon. According to a Statista report, the video advertising ad spend market in the United States will reach $84.61 billion in 2024 — up from $76.97 in 2023.
3. Video advertising spending on mobile will continue to grow.
A Statista survey found that digital video advertising spending on mobile devices will grow to $58.92 billion USD in 2024. This growth means mobile video ad spending now makes up a majority of the total video advertising spend.
4. Smartphones are the most-used devices for watching digital video content.
It’s time to double-check your content and make sure it’s optimized for mobile devices. This survey found that smartphones are the most-used device for watching digital video content in the U.S.
5. Audience targeting capabilities are causing marketers to shift their ad budgets from linear to Connected TV (CTV) and Over-the-Top (OTT) platforms.
6. Advertisers are spending more money overall on CTV ads.
Some of the key video marketing statistics for the year are around ad spend. In 2024, eMarketer estimates US advertisers will shell out $30.1 billion on CTV ad spend. And about 98.5% of that spend will be specifically for CTV video content. In 2024, more brands are making the most of CTV and OTT ads to reach their target audience.
7. The CTV audience is still growing.
Advertisers are also following their audiences to streaming platforms. With an estimated 13.2% global growth in 2023, Connected TV is still growing steadily.
8. CTV is becoming essential in marketing strategies.
According to a MNTN Research report, CTV is playing a larger role than ever before — 76% of advertisers reporting that CTV ads are either moderately or very significant to their advertising campaigns. Maintaining a consistent but flexible video marketing strategy will remain essential in 2024.
9. In fact, CTV is considered the top must-buy video ad format for marketers.
This Statista survey found 65% of United States-based marketers said CTV is a must-buy video ad type. From brands in the retail industry to food and beverage (and everyone in between and beyond), CTV ads can help them connect with consumers.
10. Social media is a close second must-buy platform.
And we mean close. The same survey found 64% of respondents said social media video is a must-buy ad format. While many video marketing trends change quickly, social media ads have been a key element for marketers for a while now.
11. Instagram Reels are growing in popularity.
According to Socialinsider’s findings, Instagram Reels are being used more frequently than they were before. Between 2022 and 2023, this survey found Instagram Reels had a year-over-year growth rate of 57.4%.
12. And for good reason — Reels are more likely to go viral on Instagram than other post types.
With roughly 2x the engagement of other post types, Socialinsider also found that Reels are most likely to go viral on Instagram. Social media video isn’t going anywhere — and it’s an essential part of marketing strategies around the globe. Be sure to keep an eye on these video marketing trends so you can make the most of your video marketing budget.
13. The number of Instagram users in the US will continue to increase.
In 2024, Statista estimates there will be 155.89 million US-based Instagram users. By creating relevant content and working with the Instagram algorithm, marketers can reach their target audience on the platform.
14. Video dominates social media feeds.
After the previous statistics on video marketing, this one might not be entirely surprising, but it is incredibly beneficial for advertisers. In 2024, eMarketer estimates an average of 58.8% of time on social media will be spent watching video content. With more content across platforms, effective video production is more essential than ever before. From user-generated content (UGC) to paid ads, all of our social media feeds are full of video content.
15. Use social media and streaming ads to reach Gen Z.
According to Statista, 72% of Gen Z respondents said they were most receptive to social media ads, followed by streaming TV ads. Between TikTok videos, Instagram Reels, and YouTube Shorts (just to name a few), you can use several different social media platforms in combination with streaming ads.
16. Television ads are most influential on viewers overall.
In a Statista survey, 53% of US adults said they believed television advertising had the most impact on their purchasing decisions, including what they bought, where they bought it, and the entertainment they consumed. Whether you want to reach Millennials or Baby Boomers, TV ads are a great way to connect with them.
17. Consumers are willing to watch ads on Connected TV.
Don’t be so certain that your audience hates watching ads. MNTN Research found that 86% of consumers are willing to watch ads on Connected TV.
18. The number of FAST viewers is growing.
When it comes to video marketing trends, FAST platforms are continuing to rise in popularity quickly. According to Statista, 75.3 million people in the US will use FAST platforms in 2024, up from 70.3 million in 2023. And they’re watching consistently, with about 47% of U.S. households tuning into FAST services weekly.
19. In fact, most FAST viewers believe the platform is a great value.
Not only are people willing to watch ads, but some think it’s a more-than-fair trade for free content. According to MNTN Research, 89% of consumers think Free Ad Supported TV (FAST) platforms deliver great value.
20. Viewers want to avoid ad fatigue, too.
Worried about your audience getting ad fatigue? Turns out, they don’t want it, either. MNTN Research reported that 67% of consumers want a variety of different storytelling approaches to avoid ad fatigue. Video marketing trends that benefit both the consumer and advertiser — including this one — are essential to include within your strategy.
21. Sports might be cable’s last cord.
According to eMarketer, sports streaming drove another massive round of streaming subscriptions. After adding Sunday Ticket to its roster, YouTube TV subscriptions increased by about 50% in the first year. And eMarketer doesn’t expect these numbers to drop anytime soon — with an estimated 126.8 million people in the US watching digital live sports by 2027.
22. Mobile and CTV advertising are both essential for reaching your audience on digital platforms.
According to eMarketer, “Mobile and CTV will capture more than three-quarters of US digital time spent in 2023.” In 2024, time spent with mobile devices is expected to reach 234.8 minutes per day — nearly 4 hours. With that in mind, we’re going to put our phones down (then pick them back up in four minutes). When it comes to the time spent with CTV devices, users are expected to exceed two hours per day. And since many viewers use a second device while watching TV, you can reach your audience on multiple devices at the same time.
23. Netflix viewers are still increasing, too.
After the other video marketing statistics about the growth of CTV, this one might not be surprising. But it’s essential to keep in mind as you plan your strategy. According to eMarketer, Netflix will grow to a total of 715.3 million users around the world. That’s nearly 9% of the entire population.
24. Brands are using AI to help create video content.
Over 18% of respondents to an eMarketer survey are already using artificial intelligence (AI) tools to help create video content. Of those who said they’re not currently using it, 33% said they plan to implement it within the next year.
Another survey found the top three ways brands are using AI to assist with video content creation include creating scripts, editing, and generating content from scripts.
25. Brand awareness videos dominate the market.
When it comes to brands creating video content for their sales journey, eMarketer found that 48% of those videos are for brand awareness. Additionally, 22% are created for the consideration stage, followed by 15% for the buying stage, and another 15% for post-purchase. From product video marketing to retaining current customers, video can help you reach customers at every stage of the sales process.
Video Marketing Trends: Final Thoughts
As we make our way through the beginning of 2024, it might feel like there are endless video marketing stats to keep in mind. While it can be overwhelming, you don’t have to do it alone.
From awareness to acquisition (and every other objective in between), QuickFrame’s video production platform connects you with video creators and production teams who are ready to deliver high-performing video built for every channel, audience, and campaign. Plus, it’s always backed with exclusive performance data to make sure your ad stands out against the competition and connects you with your audience.
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