Who Will Grab a Share of the Coming $9 Billion Local Video Market?
August 6, 2015 | Contributed by: Joe Morsello
In advance of the upcoming Fast Forward Video Summit in Chicago August 18-19, the Local Search Association (LSA) hosted a webinar on August 4 to expose and explore the local video opportunity.
To put it plainly, the online video opportunity is worth billions of dollars. Yet there are some challenges that need to be addressed before that opportunity can be fully realized by media companies and their local advertiser-customers.
The webinar kicked off with some market-sizing data, stats and insights from Borrell Associates and LSA research partner Thrive Analytics. It also included valuable practical advice and commentary from video solutions provider, bieMEDIA.
The panel of experts were:
Here are some of the data presented:
- Local digital video market will be worth $9 billion by 2018 (national + SMB). (Borrell Associates)
- Movie theaters spend 74% of their digital ad budgets on video today. (Borrell Associates)
- Contractors (construction) to increase video ad budgets more than any other category by 2019. (Borrell Associates)
- Appetite for online video from SMBs will continue to create opportunity for marketers. (LSA/Thrive Analytics)
- 53% of consumers who viewed a local digital video then contacted the company. (LSA/Thrive Analytics)
- Video production is much more accessible today thanks to video marketplace platforms. (LSA/Thrive Analytics)
- Twitter is increasingly becoming a strong outlet for online video. (bieMEDIA)
- Online video growth drivers: SEO, consumer behavior, digital strategy. (bieMEDIA)
Check out the entire presentation below:
For access to all of our past webinars, visit http://bit.ly/LSAwebinars. The next LSA webinar on Thursday August 13 is How Indoor Location & Local Product Data Drives Sales & Engagement.