Feb 1, 2010
The internet is getting bigger and bigger as more and more people use it for not only work related tasks, but also for entertainment purposes as well. In 2009 online video viewing went up by 50% in how many minutes video content on the web was being watched compared to 2008 in the United States according to consulting firm Oliver Wyman who recently put out a new report.
The vast majority of this increase were to TV shows and movies that accounted for half of this increase. While these numbers go up another industry losing some viewership is the TV industries and DVD industries. With the internet, people do not have to have a TV and therefore a lot of people do not spend as much on TV channels as they used to.
A lot of broadcasting companies are seeing the value of putting their shows on their websites like cbs.com, nbc.com, abc.com and fox.com. These are just a few of them, but are major broadcasting companies in the United States. With the internet moving its presence more and more in media broadcasting industries traditional media platforms.
The largest gains in the online media sector was to China where there was an increase of 200%. China is vastly becoming the major player in internet usage and has surpassed the United States in internet usage.
Another point of interest in the report was that the media usage by 18-34 year olds besides online and mobile devices dropped in 2009. It is not hard for me to believe these new statistics because I am one of these statistics and fit within this demographic. I do not purchase cable or dish because I know I can get most of what I want to watch through the internet and to me the internet is much more valuable than a cable subscription.
So what does this mean for companies that are looking to increase their online presence, it means that consumers love to use the internet a lot, like to watch video, search for local companies and would like to do all of them at the same time. As a business owner you must recognize this shift in media platforms and take the initiative in increasing your companies exposure through the internet and video is great way to do it.
Online video will be the 2nd most increased marketing channels out of all marketing channels according to Forrester Research, Inc. As an internet marketer I highly advise that business owners who wish to continue to build and grow their business take heed of these statistics and growing trend of online video and use it to their advantage before their competition does.