Earlier this month, Facebook announced it will be launching its own video platform for original TV shows, thereby taking on more established channels such as YouTube. The platform will be called Watch and showcase short clips from BuzzFeed, Tastemade, Condé Nast Entertainment, and ATTN.
“Consumers—particularly young people—are viewing video on more devices and in more destinations than ever before, and social platforms want to capture their attention”, according to Debra Williamson from eMarketer.
It seems Facebook has acknowledged the growing power of video as an important tool to retain users, particularly the younger demographic, which is increasingly looking for Facebook’s rival - Snapchat.
It isn’t just Facebook that’s turning to video. Reddit is the newest social media player to announce it is hosting its own video platform across both desktop and mobile, following its recent $200 million funding.
With Reddit, it is possible to upload own video files to the site by selecting a pre-recorded video or to film an individual video on the spot.
That more and more influential social media players are acknowledging video as a powerful communication platform and tool is big news. This will change the marketing and social media landscape, and shape consumer behaviour even more.
What is most revolutionary is that both Reddit and Facebook allows viewers to respond and comment to the video in real-time, and read through other people’s responses to the posting.
With Facebook’s Watch, consumers are able to create “watchlists”; a way to see what friends are watching and communicate with other people interested in the same videos. In other words, Facebook and Reddit are redefining what it means to launch social videos.
Facebook founder Mark Zuckerberg said in a recent post: "Watching a show doesn't have to be passive. It can be a chance to share an experience and bring people together who care about the same things.”
Of course, the launch of privately owned video platforms serves a bigger purpose. Facebook, Snapchat, Reddit and others are battling each other for the most engaging and popular video content, hoping to increase the site’s usage and capture a greater portion of digital ad revenue.
Now the question is what is next in terms of video content? The move towards personalised video and interactive video content is in full swing.
To find out more about advanced technology opportunities for video, contact VideoSmart at hello@videosmart.com