Quick! Hand me a video camera.
Because that’s where the action now is. According to recent Interactive Advertising Bureau (IAB) surveys, “more than two-thirds (68 percent) of marketers and agency executives expect to see their digital video ad budgets increase in the next 12 months.”
That fact comes from the second annual IAB “Digital Content NewFronts: Digital Video Spend Study.” The survey queried 305 buy-side professionals and was handled by research firm Advertiser Perceptions.
“This optimism about the medium comes on the heels of a strong uptick from spring 2013 to spring 2015 in budget allocation to digital video by brand advertisers and media buyers, with the former increasing its commitment to digital video by a whopping 90 percent over that two-year time period,” notes the report summary.
This upswing in digital video may come at the expense of broadcast and cable television. Just about as many as expect to increase their video marketing (67 percent) admitted that their broadcast and cable TV ad budgets would “stay the same” or even decrease, as a result.
“The study further revealed that two-thirds of marketers and agency executives (67 percent) believe that original digital video will become as important as original TV programming within the next 3 to 5 years,” the IAB says. “In order to close the gap between digital video and TV programming, both groups will be looking for digital to demonstrate its ability to develop effective sales and branding opportunities, and produce metrics that are consistent with TV.”
To learn more, check out the full report here.