The Rise of Digital Video and Why it Matters
“Instead of couch potatoes, we have digital potatoes.” Ryan Van Fleet, Senior Director of Insights and Analytics, Tremor Video
There is no arguing that the digital sphere is here to stay. In fact, digital video may soon take the reins from cable television. According to a study by Limelight Networks, Inc, “More than 90% of consumers are open to ‘Cutting the cord’; a shift led by the desire for flexibility and increasing availability of on demand programming.” Additionally, digital video advertising is growing faster than any other advertising platform. Online video ad revenue is estimated to reach $5 billion in 2016 whereas TV ad revenue is predicted to decrease by 3% each year (BI Intelligence).
With mobile and digital use on the up and up, it comes as no surprise that companies, journalists, and thought leaders have taken notice of the trends and practices encompassing it. The Publicity Club of New York recognized the rise in digital video at a recent luncheon where 6 leaders in digital production discussed the current happenings and future of digital video.
PCNY panel of producers: Mike Schmidt – Mashable, Christopher Booker – The Financial Times, Shalini Sharma – Fast Company, Joanne Po – The Wall Street Journal, Marcos Bueno – Vox Media, Laura Petrecca – USA Today
The Power of Live Streaming + Social Media
Joanne Po, Executive Producer at The Wall Street Journal stated, “The path of journalism has changed. We’re creating our own journalism, not necessarily tied to the paper anymore.” The Wall Street Journal like other publications in attendance, have practiced live streaming for multiple years. According to Po, viewership of their live video stream is much higher than traditional cable networks through syndication with other sites who repost the videos. Presence on social media platforms such as Facebook, Twitter, Instagram, Meerkat, Periscope and others also contribute to the increased number of viewers. Livestreaming has served as a great media platform for breaking news and creating content in an efficient manner for digital media.
New Expectations for Journalists
Reporters are now expected to take a video and be able edit and understand the production techniques whether they are on the production side or not. This is especially true for breaking news. Some producers prefer to send a reporter and shoot the footage themselves as opposed to a PR person’s video in order to keep the digital consistent and in line with the publication; however, news outlets are always looking for qualified experts to comment on breaking or national news stories. For a Public Relations professional, it is still recommended to submit your videos to news sources. Make sure that it is relevant and topical, and try to relate it to a current event. The publication may or may not use your footage, but they will follow up if they like the story regardless.
The Evolution of Media Strategy
According to Jim Pavia the Senior Editor at Large at CNBC Digital, the video component a few years ago was a regurgitation of what had already appeared in an article, and viewership was low. The audience wasn’t necessarily getting anything out of it. Now the strategy behind online video has changed. Videos now offer the viewer a bonus or added value as incentive to watch. “The consumers of media have evolved in their practices of consumption therefore, media must also evolve.” Since the rise in digital video consumption has increased exponentially, CNBC among other media outlets have added digital video components to almost all of their online articles.
Branded Production for Digital Media
The shift from broadcast television to digital video can be attributed to millennial consumers who lead the pack with an average of 4-7 hours of online video intake a week. They consume almost twice the amount over any other age group (Limelight Network, Inc).
Digital video is no longer about clips, but about building production brands, and this is a trend we’ll continue to see. Fast Company is a prime example of this with multiple segments that tap into millennial interests. For example the “Fast Comedy” that features funny workplace skits, “Brand Evolution” which highlights iconic brands’ past, present, and future, and the “29th Floor” a platform for editors and writers to take on whatever is current.
It’s safe to say that we’ll be seeing a lot more online video moving forward. From digital ads in the marketing realm, to online production, to company created videos, evolving with the consumer is what media outlets and public relations professionals must do to keep curre