At the Cannes Lions Festival of Creativity, analyst house IHS and interactive video specialist [https://www.zentrick.com/ Zentrick]], announced a partnership to pair Zentrick's usage data and campaign intelligence with IHS' industry data and insight and create the first global research into the evolution of interactive video. Results are expected by 3rd quarter 2014.
With 81% of brands already integrating online video production into their marketing strategies and video budgets expected to increase in the next year, the partners will conduct a definitive analysis report that will not only quantify the size and value of the market, but also identify growth factors, future opportunities and potential challenges.
With 80% of Internet users able to recall watching a video ad on a website they visited in the past month and 46% of that figure taking some action after viewing the ad, video is clearly an effective communication channel for brands. The evolution of this medium from delivering content to consumers as passive observers to offering opportunities to control what is seen, when it's seen and how it is experienced, is taking engagement to new levels. The integration of interactive elements within branded online video, such as social media feeds, ecommerce functions or data capture fields are achieving unparalleled, but yet undefined levels of audience participation for businesses.
"While comments, likes and links create a certain level of engagement, those activities are not part of the narrative. Residing outside of the viewing experience, they often fail to truly capture the viewer's attention," commented Zentrick CEO and co-founder Pieter Mees. "While today's audiences are more sophisticated in their approaches to content consumption, they also have far shorter attention spans. Content therefore needs to focus on nonlinear stories that succeed in standing out in a cluttered marketplace, continually refocussing the user's attention and holding their interest. It is not enough for storytellers to create content they hope will be shared; it needs to be more actively engaging. We see interactive video as achieving that new level of engagement and hope to be able to bring more clarity to the opportunity for brands and marketers worldwide with this IHS research partnership."
Daniel Knapp, director of advertising research at IHS, added, "The global video advertising market now exceeds $8.5 billion in revenue. Yet although the market continues to grow, it does not live up to its full potential. Largely adapted from the linear world of television, online video advertising formats have not fully adjusted to new forms of media consumption and content interaction in a digital environment. We want to provide a basis for innovation and investment by sizing the interactive video opportunity and provide a compass to the sector with Zentrick."