By 2021, the average person will spend 100 minutes per day watching online video according to a study from Zenith. Zenith’s Online Video Forecasts 2019 report shows that viewers are currently watching 84 minutes per day.
“The consumption of online video is growing rapidly, and the average person will spend half as much time viewing online video as they spend viewing conventional television this year,” said Jonathan Barnard, Head of Forecasting at Zenith. “This fast-expanding supply of audiences is fueling rapid growth in demand from advertisers, making online video the fastest-growing digital channel by advertising expenditure.”
Time spent watching online videos has been growing quickly, at an average rate of 32% a year between 2013 and 2018. Zenith attributes this to “improvements in display sizes and quality of mobile devices, faster mobile data connections, and the spread of connected TV sets.”
As time spent watching online video increases, money spent on advertising on these videos is increasing as well. Zenith estimates that money spent advertising on online video will rise from $45 billion in 2019 to $61 billion in 2021. The study also estimates that money spent on TV ads will decrease from $183 billion to $180 billion in that time.
“Online video has boosted the amount of time that consumers spend watching audio visual content and is amplifying advertisers’ ability to reach consumers with high-impact brand-building ads,” said Matt James, Global Brand President at Zenith. “The growth in serving ads to consumers via connected television sets will be a huge contributor to the growth of this format in the coming years, and it will help to bring attribution back to TV advertising.”
Did you know we have a YouTube Channel? Every week we have a live Cord Cutting Q&A, and weekly Cord Cutting recap shows exclusively on our YouTube Channel!
Please follow us on Facebook and Twitter for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.