According to Zenith’s Online Video Forecasts 2018, global consumers will spend an average of 67 minutes a day watching online video this year, up from 56 minutes in 2017.
The report predicts that by 2020 the average person will be spending 84 minutes a day watching videos online. In that year, China will have the most avid online viewers, with the average person spending 105 minutes a day watching online video. This is followed by Russia (102 minutes) and the U.K. (101 minutes).
Global online video consumption grew by 11 minutes a day in 2017, and Zenith expects it to grow by an average of 9 minutes a day each year to 2020.
It is estimated that online video adspend grew 20 percent in 2017, to reach $27 billion. Growth peaked at 36 percent in 2014. Zenith forecasts 19 percent growth in 2018, and an average of 17 percent annual growth to 2020, when online video adspend will reach $43 billion.
Online video advertising is still only a fraction of the size of television advertising, though, but because TV has leveled off at 0 percent to 2 percent annual growth, this fraction is rising rapidly. The online video ad market was 10 percent of the size of the TV ad market in 2015, and 14 percent in 2017. By 2020, the firm predicts online video adspend to be 23 percent of the size of television adspend.
“Online video is driving growth in global media consumption, as smartphones with high- speed data connections make high-quality video available to people on the move, and smart TV sets give viewers unparalleled choice in the living room,” said Jonathan Barnard, Zenith’s head of forecasting and director of global intelligence. “The rapid rise in video viewing makes online video the world fastest-growing advertising format, creating new strategic and creative opportunities. Brands that do not currently have a strategy for online video need to think about getting one.”