Question: Is the video production industry dying? In 2019 I had clients coming in every week, and we were busy. It was freelance work, but so many people needed ‘corporate videos’ and website videos. These days, I am paying heaps for marketing. However, there are not many leads. Is the industry dying? (Obviously not the skillset)
Answer: Wouldn’t say it’s dying but it’s changing. As a video professional, you must be aware of the new technology, the challenges and the opportunities that the current state of the industry presents – and adapt.
Social media is running the world atm and you need to be able to cater to that.
Video Production Statistics, Facts & Emerging Trends 2023
The video production landscape has evolved (and is alway evolving), adapting to these emerging trends is essential to keep your business thriving today and in the future.
Vertical Video Demand: With the rise of short-form video platforms like TikTok, Instagram Reels, and YouTube Shorts, the demand for vertical video content has skyrocketed. Vertical videos are favored by users and marketers alike, with 33% of US marketing professionals considering them crucial for influencer marketing. Embrace this trend to reach a broader audience and enhance engagement.
With the explosion of short form video content a la TikTok, Instagram Reels and YouTube Shorts, the demand for vertical video has increased exponentially. According to Adobe:
- 33% of US marketing professionals deemed that vertical video is “extremely important” to influencer marketing.
- 63% of mobile traffic today comes from video, with social media, ads, and news being the main drivers of growth.
- 57% of UGC videos are shot vertically, it maximizes the real estate as 94% of users hold their phone vertically, less than 30% of people will turn their phone to watch a horizontal video.
Pandemic’s Impact: In 2020, the video production industry experienced a 12% drop in completed projects due to the pandemic. However, the market rebounded quickly by Q3 and Q4, with an 18% jump in projects. The demand for video services remained steady, but logistical challenges hindered some productions. As the pandemic situation improves, expect a positive trajectory for the industry.
Full-Service Production: Businesses are increasingly seeking full-service production packages, leading to a 235% surge in demand. Offering start-to-finish production services can streamline timelines and attract more clients. Consider expanding your team with animators, creative directors, and on-camera talent collaborators to meet this growing demand.
Professional Livestreaming: The live streaming market is projected to reach $247B by 2027, with Instagram and Facebook live viewership doubling during lockdowns. Brands are actively embracing livestreaming for their marketing efforts. Position yourself as a provider of high-quality livestreaming services, utilizing capable streaming cameras and broadcasting software.
Here’s a big one. Market Research Future predicts that the live streaming market will balloon up to $247B by 2027, and brands all over the world are taking notice. Beyond Twitch personalities broadcasting gaming content, public facing business entities are definitely on board with the livestreaming hype.
Remote Video Production: Remote video production gained popularity during the pandemic and is here to stay. Many production companies are seriously considering its feasibility even after the pandemic. Equip yourself with the necessary streaming kit and broadcasting tools to cater to the increasing demand for remote video production services.
COVID Compliance Costs: COVID compliance protocols have added 10% to 15% to production budgets. Adjust your budgets accordingly to cover expenses for testers, safety officers, and sanitation supplies on elaborate projects.
Influencer Marketing Boom: Influencer marketing is expected to become a $15 billion business by 2022, with brands allocating more of their marketing budgets to work with influencers. Networking with influencers and investing in vertical video equipment can open new opportunities for content professionals.
Increased Video Output: Businesses are committed to producing more video content, with 84% increasing their video production in the past year. Brace yourself for a packed content schedule, as 88% of businesses plan to increase video marketing efforts in 2022.
TikTok’s Influence: TikTok has become a significant player in the video marketing landscape, exceeding YouTube in average monthly watch time per user in the US and UK. Brands are capitalizing on the platform’s engaging short-form video format. Be prepared to execute professionally crafted influencer campaigns on TikTok.
Instagram Reels: Instagram Reels is emerging as a strong competitor to TikTok. With the addition of Reels ads, more brands are expected to advertise on the platform. Don’t overlook this growing feature and explore the potential it offers for your creative content.
Embrace these trends, create versatile content for multiple platforms, and optimize your services to meet the changing demands of the video production industry.
By staying adaptable and innovative, you can elevate your game.