Video Marketing Statistics: Trends for 2023 That You Can’t Ignore
Digital marketing is constantly changing, and this year is no exception. Before we head into 2023, 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 spending to must-have ad platforms, let’s explore the stats you need to know as we move into the new year:
1. Digital video viewing is increasing around the world.
Want to reach 45.4% of the entire population? Here’s your chance. In 2023, Insider Intelligence estimates 3.63 billion people around the globe will watch digital video content.
2. Digital video advertising spending is expected to increase, too.
Even with economic uncertainty looming, Statista expects U.S. digital video advertising spending to climb to $78.45 in 2023. That’s up from $67.16 billion in 2022 — and just $31.86 billion in 2019.
3. Video is (still) becoming more important than ever before.
According to the Content Marketing Institute’s 2022 Content Marketing and Visual Storytelling Survey, most marketers — 73% — said video production has become more important to their business in the last year.
4. But, 88% of brands know they’re not using video marketing trends to their full potential.
The Content Marketing Institute’s 2022 Content Marketing and Visual Storytelling Survey found only 12% of marketers feel like they’re using video to its full potential.
In addition, 66% of respondents said they aren’t yet but are working on improving their video marketing strategy, while 22% of respondents said they have significant work to do before their video strategy is fully effective.
5. Video is becoming a more significant portion of mobile advertising spending.
As video becomes more critical to marketing strategies, it’s becoming a larger portion of overall mobile advertising spend. In 2022, video makes up about 25.8% of all mobile advertising spending, and will increase to 26.5% in 2023.
And it’s not done growing! By 2026, Statista estimates video advertising will make up about 29% of all ad spend!
6. CTV outranks social media as a must-have ad platform.
As the advertising platform shifts continue, many marketing teams are searching for video marketing statistics to inform their decisions — and this one is key. One Statista study found 76% of U.S.-based respondents said CTV is a must-buy video ad platform, while 56% said the same for social media video.
7. And CTV will continue gaining power throughout 2023.
In mid-2022, CTV surpassed linear TV in popularity — and it’s not slowing down anytime soon.
According to Statista, there are approximately 109 million households in the U.S. using CTV in 2022, and this number is expected to keep rising. In 2023, the study estimates you can reach 111 million households with CTV.
The best part? Statista estimates this number will keep growing by 2 million households every year through 2026.
8. 40% of U.S. marketers say precision targeting is the top audience-related benefit of CTV and OTT advertising.
We love talking about audiences — and for a good reason. Knowing your audience is critical to truly engaging with your customers and building trust in your brand.
In this Statista study, 40% of marketers in the U.S. said the top audience-related benefit of CTV and OTT advertising is precision targeting. If you know your audience, CTV and OTT ads might provide you with the targeting capabilities you want.
9. People in the U.S. will spend more time watching digital videos.
The average time people spend watching videos is continuing to increase, according to Insider Intelligence. In 2022, U.S. viewers spend an average of 2 hours and 41 minutes watching digital video, but in 2023, this number is expected to rise to 2 hours and 48 minutes.
10. In 2023, 76% of the U.K. population will watch digital videos.
If you’re looking for video marketing stats to help you reach the most people in a country that’s not the United States, you’ve found the right one! According to Insider Intelligence, 51.6 million people in the United Kingdom will watch digital video content in 2023, accounting for over three-quarters of the population.
11. Video-on-demand continues to be an effective way to reach a broad audience.
Video-on-demand might be an effective platform for your business if you’re looking to reach a wide audience. According to Statista, you can reach 67.9% of all U.S. video viewers through video-on-demand platforms and digital downloads.
12. New video advertising opportunities are expected to arise on streaming platforms.
As already existing platforms implement ad-supported tiers and new services emerge, CTV and OTT will create immense opportunities for advertisers.
And many people all around the world are in favor of these video marketing trends. A May 2022 Deloitte study found 34% of U.S. viewers would watch 12 minutes of ads per hour if it meant they didn’t have to pay a subscription fee. In Japan, 55% of respondents said they would do the same.
13. Viewership is expected to increase as ad-supported tiers arise on streaming platforms.
After the previous statistics on video marketing, this one might not be entirely surprising, but it is incredibly beneficial for advertisers.
As more streaming services offer more ad-supported, budget-friendly subscriptions, more people plan to tune in. In 2022, there are 140.1 million ad-supported video-on-demand (AVOD) users in the U.S. Insider Intelligence estimates this number will rise by more than 10 million over the next year, up to 150.6 million users.
14. The number of overall video streaming users will continue growing.
In 2022, there are approximately 157.8 million video streaming users in the U.S., but this number is anticipated to keep growing. Statista estimates there will be 161.5 million users in 2023 and 163.6 million in 2024.
15. Netflix will continue gaining more viewers in the U.S.
Netflix viewership will continue to increase in the U.S. According to Insider Intelligence, Netflix has roughly 169.3 million U.S. viewers in 2022, which will grow to 172.2 million in 2023.
16. Smartphones are still the most popular devices for watching digital video content.
According to Statista, 63% of U.S. respondents used their smartphones to watch digital video content. The second highest device was Smart TVs, with over half (56%) of respondents using the device.
17. Social media video advertising spend will increase.
Though streaming and other new video marketing trends are arising, social media video isn’t going anywhere! According to Statista, social media video advertisers will spend $28.21 billion in the U.S. in 2023, up from $24.35 billion in 2022.
18. U.S. adult social media users spend the most time on video-focused social media platforms.
According to Insider Intelligence, U.S. adults who use social media spend an average of 45.8 minutes daily on TikTok and 45.6 minutes daily on YouTube. At nearly 46 minutes each, these two platforms outperform the third most popular social media platform by more than 10 minutes.
19. YouTube users are expected to grow.
YouTube might be one of the longest-lasting video marketing trends. After some dips in 2019 and 2021, Statista expects U.S. YouTube users to continue growing through at least 2025. In 2023, the number of users is expected to hit 211.61 million.
20. While not as drastically, TikTok users will continue growing, too.
While not nearly as drastically as its first couple of years, TikTok users will continue growing, making this platform critical for your 2023 video marketing strategy.
In 2022, there are 94.1 million users in the U.S. Insider Intelligence expects this number to rise to 97.6 million in 2023, which would account for 32.1% of all internet users in the U.S.
21. Livestream shopping videos can help you reach Millennial customers.
According to Insider Intelligence, Millennials shoppers were most likely to purchase a product after watching a livestream shopping video. If you’re looking to reach Millennials, it’s time to consider livestream shopping videos and advertisements in your product video marketing strategy.
22. The retail industry has the highest video ad spend in the U.S.
The retail industry is massive — and evolving to meet the digital needs of consumers, including by providing more video content. According to Insider Intelligence, the retail industry makes up 21.2% of all video advertising spending in the U.S., with $16.13 billion.
23. Multi-touch multitasking continues!
When was the last time you sat down to watch TV without another device in your hand? For many people (myself included), it’s been a long time — and these video marketing statistics prove we’re not alone.
While this distraction might sound daunting, you can turn it into an opportunity. With 197.3 million U.S. adults simultaneously using the internet while watching TV, you can reach your audience on multiple devices.
24. The rising popularity of vertical video.
Brands are adopting the 9:16 format for a good reason: it draws in viewers! Statista found TikTok, a platform centered around this format, has 755 million users in 2022. Statista also reported YouTube Shorts, a feature that just became globally available in mid-2021, receives approximately 30 billion daily views from global users.
Lean into the 9:16 trend, and see how you can engage with your audience through vertical video content across social media platforms.
25. Streaming content and UGC will go head-to-head.
A Deloitte study found user-generated content (UGC) outperforms streaming in certain situations. The report found, “Around four in 10 US respondents say they spend more time watching user-generated video content than they do TV shows and movies on video streaming services—a sentiment that increases to around 60% for Gen Zs and Millennials.”
Video Marketing Trends: Final Thoughts
As we head into 2023, 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), the QuickFrame video production platform connects you with 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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