A report published this week by eMarketer states that the number of smartphone video viewers is expected to reach almost 87 million in 2014. This, along with skyrocketing numbers of tablet owners and users, can only mean that this trend will continue. The figures are impressive – last year, the spend on mobile video in the US was $243.7million. This year, spend is rising to $517.7million, and by 2017 it is predicted to further rise to an incredible $2.7billion. The growth of mobile video advertising is expected to far surpass that of any other medium, be it television or online.
But as with any other concept still in it’s infancy, there is enormous potential for expansion, and despite the extraordinary figures, actual and projected, in the future of mobile video, the fact is that in 2016, mobile advertising spending will account for less than 10% of the total advertising spend in the US.
Video advertising is still cutting-edge. Although younger generations are far more likely to use video as part of their consumer research than those aged 24 and upwards, traditional TV advertising is still perceived to be the best means of communication across the age range spectrum. This explains why currently many marketers view video mobile advertising as something to compliment TV advertising campaigns, as opposed to replacing them.
But as mobile devices continue to rise in importance, and the internet and TV become increasingly synonymous, it is easy to imagine how online and mobile video advertising could level with and even outdo TV in the near future.