By 2016, people around the world will spend nearly an hour a day watching online videos, according to ZenithOptimedia and its branded content network Newcast.
While the average amount of time people spend watching online videos is expected to increase 23.3 per cent this year, it is expected to jump a further 19.8 per cent in 2016, according to the report.
It also stated that one year from now, mobile will be the primary source of online video consumption – it is expected to reach 52.7 per cent next year and 58.1 per cent in 2017.
Online video is the fastest-growing category of internet advertising – Newcast expects it to grow worldwide by 28.9 per cent to $16.1bn this year.
Mark Waugh, global managing director at Newcast, said, “Brands are finding online video a particularly effective way to reach these valuable audiences, not just with advertising, but also with branded content; content that can inform or entertain consumers in a deeper and richer way than is possible with short, interruptive ads.”
By 2017, online video is expected to make up 12.8 per cent – or one eighth - of global digital ad spend.
The US is currently the largest online video market, making up 52.9 per cent, or $8.5bn, of internet ad spend.