Wyzowl State Of Video Marketing Report 2024: Key Insights And Takeaways
Video marketing has been rising in popularity. But is it still relevant in 2024? And what does this mean for brands and influencers? This article explores all the answers with Wyzowl’s video marketing statistics for 2024.
People love advertisements that tell a story. And what better way to do this than through a video? This explains the rise in video marketing over the past decade.
But here’s the million dollar question: does video still hold relevance in 2024? Should brands and influencers be leveraging it in their marketing efforts? Wyzowl’s video marketing statistics for 2024 provides insights into these questions.
About Wyzowl
Wyzowl is an all-in-one animated video production agency that specializes in creating explainer videos – among many others – for brands. Their goal is to help brands win with video by increasing their video SEO, build product awareness, generate more sales, and increase customer value.
Research Methodology
To compile these video marketing statistics, Wyzowl surveyed 967 unique respondents. The people who participated in the survey were a mix of online consumers as well as marketing professionals.
Key Video Marketing Statistics for 2024 by Wyzowl
Here are the behind-the-scenes stats on video marketing.
Video Marketing Usage
The use of video as a marketing tool has consistently increased over the last 8 years. In 2016, only 61% of brands used video – a number that has reached an all-time high of 91% in 2023 and 2024.
While the percentage of businesses using video has remained the same since 2023, the number of marketers who consider video content to be important has decreased slightly. In 2024, 88% of businesses consider video to be a crucial part of their marketing strategy. But, in 2023, this number used to be higher at 96%.
Source: Wyzowl.
Among the people who didn’t use video as part of their marketing, here were the reasons cited:
Lack of time
Too expensive
Don’t know where to start
Unclear on ROI of video marketing
Not needed
Source: Wyzowl.
However, at the same time, 68% of the people who currently don’t use video plan to start soon!
It’s clear that most brands understand the importance of leveraging video, but a significant portion of them still face barriers when it comes to execution.
Types of Video Created
Among the types of videos, a majority of the brands preferred live streaming videos, followed by screen recorded ones and animated ones. Surprisingly, only 38% of the brands exclusively created the videos in-house, while 24% of them always used outside vendors.
When asked about why the brands were creating videos, testimonial and explainer videos topped the list, followed by social media, presentation, and product demo videos. However, other reasons such as video ads and sales videos weren’t far behind, showing that brands have a variety of reasons for making videos a part of their marketing strategy.
Source: Wyzowl.
1/3rd of the brands also admitted to having used AI to create videos faster.
Financials and ROI
The budgets for video production varied greatly across brands, with 60% of them spending between the 11-50% range. 85% of marketers also plan on increasing their budget or maintaining it, proving that video marketing will remain a priority in the upcoming year for the majority of the brands.
When it came to advertising, 69% of marketers revealed that they had spent money on video ads, while the rest relied only on organic reach.
When asked about the costs of video marketing, nearly half of the marketers (49%) surveyed admitted that they feel that costs are on the rise, 29% of them thought they had gone down, and 21% of them saw no change.
Video marketing looks promising with 90% of the marketers admitting that they have had a good ROI from it. While this is slightly down from 92% in 2023, the change isn’t significant enough.
Source: Wyzowl.
But, what are the metrics that marketers are using to quantify ROI?
60% of the marketers measure ROI based on how much engagement the video gets in the form of likes, comments, shares, and reposts.
42% of the brands use audience engagement and customer retention as a metric.
40% of them calculate ROI based on the number of views the video gets.
39% of brands measure ROI using brand awareness or PR.
Surprisingly, only 32% of brands used bottom line sales i.e. their net income during the period the video was posted as a way to calculate ROI.
28% use video clicks/ leads as a quantifying measure.
When it comes to video length, less seems to be more, with most marketers believing that shorter videos tend to perform better than longer ones. A video length of 30-60 seconds seems to be the sweet spot, being preferred by most of the marketers (39%). Videos that are 1-2 minutes long came in second, while ones that were less than 30 seconds in length came in third. This shows that brands prefer videos that are short, while also allowing enough time for viewers to engage with the content.
Source: Wyzowl.
When asked about what video marketing has helped them achieve, these were the results:
88% of marketers say video has helped their customers gain a greater understanding of their products/ services.
90% of them say video has increased brand awareness.
For 86% of the brands, video has helped them see an increase in web traffic.
87% of them claim they have generated leads through video marketing.
For 87% of brands, video has increased sales.
82% of them saw that videos increased the amount of time customers spent on their site.
66% of marketers also said that videos had helped them reduce the amount of support queries, thereby saving them a lot of time!
The Customer View
On the flip side, the survey showed that customers also use video as a way to engage more with brands. 91% of users have watched explainer videos to learn more about a brand’s product/ service, while as many as 82% of them have been convinced to make a purchase because of a video.
77% of people have also downloaded an app or software after watching a video, so it’s not surprising that a vast majority of the users (87%) hope to see more videos by brands in 2024.
However, video quality seems to be important for end users, with 87% of them saying that it has a direct impact on how much they trust a brand.
44% of the customers also revealed that they preferred learning about a new product through a short explainer video. Only a handful of people preferred other types of materials such as ebooks, infographics, articles, manuals, webinars, and sales calls.
Source: Wyzowl.
Video Marketing Channels
At 90%, YouTube is the most widely used video marketing channel by companies. Facebook came in second place, followed by Instagram. Surprisingly, LinkedIn and Twitter ranked higher than TikTok!
At the bottom of the list were virtual reality, Snapchat, and 360 videos.
Source: Wyzowl.
When it came to the effectiveness of these video marketing channels, YouTube, Facebook, and Instagram held the top three spots again.
What was most shocking was the fact that TikTok was one of the least effective channels for video marketing according to brands.
What This Means for Brands in 2024
From the report, it’s clear that video marketing continues to hold relevance. There’s strong evidence to suggest that the upcoming years will be video-first.
Videos are highly visual, engaging, entertaining, and interactive, allowing users to gain a lot of information in a short amount of time. This is why most customers tend to prefer engaging with brands through video.
It’s clear that videos are influential and have the potential to generate leads, increase traffic, and convert. So, if you want to thrive, you need to step up your video marketing game!
David Adler is an entrepreneur and freelance blog post writer who enjoys writing about business, entrepreneurship, travel and the influencer marketing space.
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People love advertisements that tell a story. And what better way to do this than through a video? This explains the rise in video marketing over the past decade.
But here’s the million dollar question: does video still hold relevance in 2024? Should brands and influencers be leveraging it in their marketing efforts? Wyzowl’s video marketing statistics for 2024 provides insights into these questions.
About Wyzowl
Wyzowl is an all-in-one animated video production agency that specializes in creating explainer videos – among many others – for brands. Their goal is to help brands win with video by increasing their video SEO, build product awareness, generate more sales, and increase customer value.
Research Methodology
To compile these video marketing statistics, Wyzowl surveyed 967 unique respondents. The people who participated in the survey were a mix of online consumers as well as marketing professionals.
Key Video Marketing Statistics for 2024 by Wyzowl
Here are the behind-the-scenes stats on video marketing.
Video Marketing Usage
The use of video as a marketing tool has consistently increased over the last 8 years. In 2016, only 61% of brands used video – a number that has reached an all-time high of 91% in 2023 and 2024.
While the percentage of businesses using video has remained the same since 2023, the number of marketers who consider video content to be important has decreased slightly. In 2024, 88% of businesses consider video to be a crucial part of their marketing strategy. But, in 2023, this number used to be higher at 96%.
Source: Wyzowl.
Among the people who didn’t use video as part of their marketing, here were the reasons cited:
Source: Wyzowl.
However, at the same time, 68% of the people who currently don’t use video plan to start soon!
It’s clear that most brands understand the importance of leveraging video, but a significant portion of them still face barriers when it comes to execution.
Types of Video Created
Among the types of videos, a majority of the brands preferred live streaming videos, followed by screen recorded ones and animated ones. Surprisingly, only 38% of the brands exclusively created the videos in-house, while 24% of them always used outside vendors.
When asked about why the brands were creating videos, testimonial and explainer videos topped the list, followed by social media, presentation, and product demo videos. However, other reasons such as video ads and sales videos weren’t far behind, showing that brands have a variety of reasons for making videos a part of their marketing strategy.
Source: Wyzowl.
1/3rd of the brands also admitted to having used AI to create videos faster.
Financials and ROI
The budgets for video production varied greatly across brands, with 60% of them spending between the 11-50% range. 85% of marketers also plan on increasing their budget or maintaining it, proving that video marketing will remain a priority in the upcoming year for the majority of the brands.
When it came to advertising, 69% of marketers revealed that they had spent money on video ads, while the rest relied only on organic reach.
When asked about the costs of video marketing, nearly half of the marketers (49%) surveyed admitted that they feel that costs are on the rise, 29% of them thought they had gone down, and 21% of them saw no change.
Video marketing looks promising with 90% of the marketers admitting that they have had a good ROI from it. While this is slightly down from 92% in 2023, the change isn’t significant enough.
Source: Wyzowl.
But, what are the metrics that marketers are using to quantify ROI?
When it comes to video length, less seems to be more, with most marketers believing that shorter videos tend to perform better than longer ones. A video length of 30-60 seconds seems to be the sweet spot, being preferred by most of the marketers (39%). Videos that are 1-2 minutes long came in second, while ones that were less than 30 seconds in length came in third. This shows that brands prefer videos that are short, while also allowing enough time for viewers to engage with the content.
Source: Wyzowl.
When asked about what video marketing has helped them achieve, these were the results:
The Customer View
On the flip side, the survey showed that customers also use video as a way to engage more with brands. 91% of users have watched explainer videos to learn more about a brand’s product/ service, while as many as 82% of them have been convinced to make a purchase because of a video.
77% of people have also downloaded an app or software after watching a video, so it’s not surprising that a vast majority of the users (87%) hope to see more videos by brands in 2024.
However, video quality seems to be important for end users, with 87% of them saying that it has a direct impact on how much they trust a brand.
44% of the customers also revealed that they preferred learning about a new product through a short explainer video. Only a handful of people preferred other types of materials such as ebooks, infographics, articles, manuals, webinars, and sales calls.
Source: Wyzowl.
Video Marketing Channels
At 90%, YouTube is the most widely used video marketing channel by companies. Facebook came in second place, followed by Instagram. Surprisingly, LinkedIn and Twitter ranked higher than TikTok!
At the bottom of the list were virtual reality, Snapchat, and 360 videos.
Source: Wyzowl.
When it came to the effectiveness of these video marketing channels, YouTube, Facebook, and Instagram held the top three spots again.
What was most shocking was the fact that TikTok was one of the least effective channels for video marketing according to brands.
What This Means for Brands in 2024
From the report, it’s clear that video marketing continues to hold relevance. There’s strong evidence to suggest that the upcoming years will be video-first.
Videos are highly visual, engaging, entertaining, and interactive, allowing users to gain a lot of information in a short amount of time. This is why most customers tend to prefer engaging with brands through video.
It’s clear that videos are influential and have the potential to generate leads, increase traffic, and convert. So, if you want to thrive, you need to step up your video marketing game!