14 Apr Why Video Is Taking Over Digital News
An interesting development is materialising in digital news – video is cannibalising the field.
Digital outlets such as Buzzfeed, Mashable, Slant, Salon, and Gawker – once championed as the way of the future – have in the past few weeks and months issued mass layoffs confirming that digital news, in an attempt to navigate a new and sustainable means of storytelling in the 21st century, has steered into high seas and began to take on water.
Mashable’s case is perhaps the most interesting. Having only recently received $15 million investment from Turner Broadcasting the outlet bailed water overboard by relieving 30 staff of duty, including three high-profile editors, the entire politics staff and the majority of its global news desk. The company, steadied by Turners investment, is now rerouting toward non-news video content. The changes in the wheelhouse signify a significant shift of the tide. Text-based content is being sacrificed to the blackness of the ocean floor and video is the lighthouse beam that will guide the packed lifeboats back into calm seas.
However, Mashable aren’t creating the blueprint. They are simply following it. For instance,
- Cisco is predicting that 80% of all internet traffic will be streaming video content by 2019 – an increase of 64% from 2014.
- A market survey by research firm Demand Metric uncovered that 74% of B2B marketers believed that video now converted better than any other content type such as quizzes, lists, live blogs, infographics or pictures.
- In a report conducted by Reuters they found that 79% of the 130 Editors, CEOs, and Digital Leaders that they interviewed for their findings said they would be investing more in online news video in 2016.
- 54% explained that the reason for this was to strengthen online engagement.
So what has video got to strengthen online engagement that text doesnt have?
The format allows for more interactive and engaging content such as:
Customer testimonials; Product demonstrations; Tutorial videos; Thought leader interviews; Product reviews and case studies; Live webinars; Vlogs; On-demand event videos.
However, it is not just the audience that is demanding more video content. The format’s ad rates are holding up better than ads aligned alongside text-based content. Therefore advertisers, who most certainly have a big dog in the fight for the future of digital news, are demanding the creation of more of its production to capitalise on these figures which is undoubtedly having a ripple effect in news outlets diluting their text-based content teams.
With video advertising being responsible for the highest gross of revenue across digital outlets in 2015, supply must meet demand.