When considering a new media platform that appears to have a huge chunk of the market, make sure that all sides of the point have been reviewed. Percentages and budget growths can be misleading without looking at the overall picture.
A research study was conducted by Ball State University and Sequent Partners and funded by Nielsen. It proves that the number of Americans using online video sites has climbed 339% since 2003. In the last year, the number of streams grew 41%, unique viewers of online video grew 10%, and the total minutes engaged with online video grew by 71%. With 87% more online social media users now than in 2003, an estimated 883% more time has been devoted to online video. The US market has an approximated 32% growth of advertising budgets for online video.
Online video can appear exponentially dominating compared to the lack of growth in other media; however, that data can be misleading without the supporting facts. Other reports have proven that traditional television still accounts for 99% of all video consumption. With the average person watching about 8.5 hours on some kind of screen, online video only is credited for 2.4 minutes of that time.